Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30falsetrue2023-10-01falseRent property investment22The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12019304 2023-10-01 2024-09-30 12019304 2022-10-01 2023-09-30 12019304 2024-09-30 12019304 2023-09-30 12019304 c:Director2 2023-10-01 2024-09-30 12019304 d:ComputerEquipment 2023-10-01 2024-09-30 12019304 d:ComputerEquipment 2024-09-30 12019304 d:ComputerEquipment 2023-09-30 12019304 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 12019304 d:FreeholdInvestmentProperty 2024-09-30 12019304 d:FreeholdInvestmentProperty 2023-09-30 12019304 d:CurrentFinancialInstruments 2024-09-30 12019304 d:CurrentFinancialInstruments 2023-09-30 12019304 d:Non-currentFinancialInstruments 2024-09-30 12019304 d:Non-currentFinancialInstruments 2023-09-30 12019304 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 12019304 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 12019304 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 12019304 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 12019304 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 12019304 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 12019304 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 12019304 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 12019304 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 12019304 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 12019304 d:ShareCapital 2024-09-30 12019304 d:ShareCapital 2023-09-30 12019304 d:RevaluationReserve 2024-09-30 12019304 d:RevaluationReserve 2023-09-30 12019304 d:RetainedEarningsAccumulatedLosses 2024-09-30 12019304 d:RetainedEarningsAccumulatedLosses 2023-09-30 12019304 c:FRS102 2023-10-01 2024-09-30 12019304 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 12019304 c:FullAccounts 2023-10-01 2024-09-30 12019304 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12019304 5 2023-10-01 2024-09-30 12019304 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 12019304









UK LIVING SPACES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
UK LIVING SPACES LIMITED
REGISTERED NUMBER: 12019304

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
252
766

Investment property
 6 
1,594,000
1,594,000

  
1,594,252
1,594,766

Current assets
  

Debtors: amounts falling due within one year
 7 
620
-

Cash at bank and in hand
 8 
17,751
8,416

  
18,371
8,416

Creditors: amounts falling due within one year
 9 
(58,057)
(64,022)

Net current liabilities
  
 
 
(39,686)
 
 
(55,606)

Total assets less current liabilities
  
1,554,566
1,539,160

Creditors: amounts falling due after more than one year
 10 
(1,072,015)
(1,048,887)

  

Net assets
  
482,551
490,273


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
  
553,603
553,603

Profit and loss account
  
(71,053)
(63,331)

  
482,551
490,273


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 year 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.

Page 1

 
UK LIVING SPACES LIMITED
REGISTERED NUMBER: 12019304
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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




R Hammond
Director

Date: 24 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

UK Living Spaces Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director has adopted the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

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 in the countries where the Company operates and generates income.

Page 3

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

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:

Computer equipment
-
33%
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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

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.

Page 4

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 5

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 6

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 October 2023
1,837



At 30 September 2024

1,837



Depreciation


At 1 October 2023
1,071


Charge for the year on owned assets
514



At 30 September 2024

1,585



Net book value



At 30 September 2024
252



At 30 September 2023
766

Page 7

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
1,594,000



At 30 September 2024
1,594,000

The 2024 valuations were made by a director, on an open market value for existing use basis.



At 30 September 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
983,646
983,646

983,646
983,646


7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
348
-

Prepayments and accrued income
272
-

620
-



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
17,751
8,416

17,751
8,416


Page 8

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,667
3,667

Trade creditors
208
-

Other creditors
41,732
40,795

Accruals and deferred income
12,450
19,560

58,057
64,022



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
27,303
30,969

Other loans
1,044,712
1,017,918

1,072,015
1,048,887


The following liabilities were secured:




Details of security provided:

The loans are secured by way of negative pledge charges against the assets to which they relate.

Page 9

 
UK LIVING SPACES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,667
3,667


3,667
3,667

Amounts falling due 1-2 years

Bank loans
3,667
3,667

Other loans
155,677
163,958


159,344
167,625

Amounts falling due 2-5 years

Bank loans
11,000
10,999


11,000
10,999

Amounts falling due after more than 5 years

Bank loans
12,636
16,303

Other loans
889,035
853,960

901,671
870,263

1,075,682
1,052,554



12.


Related party transactions

In other creditors there is a Director's loan from M Hammond of £15,180 (2023: £15,180) and a Director's
loan from R Hammond of £25,927, (2023: £25,615) provided to the company. Interest of 0% is paid on this loan and it is repayable on demand. In other debtors there is £348 (2023 :£nil) due from a company under common control.

 
Page 10