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REGISTERED NUMBER: 05288791 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 July 2024

for

White Space Creative Ltd

White Space Creative Ltd (Registered number: 05288791)






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


White Space Creative Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: C White





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





BUSINESS ADDRESS: Unit 23 Greenfield
Orchard Road Industrial Estate
Royston
Hertfordshire
SG8 5HN





REGISTERED NUMBER: 05288791 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

White Space Creative Ltd (Registered number: 05288791)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,586 4,816
Tangible assets 5 298,810 310,500
302,396 315,316

CURRENT ASSETS
Stocks 6 95,050 95,050
Debtors 7 437,889 163,217
Cash at bank and in hand 365,837 410,911
898,776 669,178
CREDITORS
Amounts falling due within one year 8 448,838 540,740
NET CURRENT ASSETS 449,938 128,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

752,334

443,754

CREDITORS
Amounts falling due after more than one
year

9

(132,344

)

(58,219

)

PROVISIONS FOR LIABILITIES 12 (75,599 ) (78,829 )
NET ASSETS 544,391 306,706

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 544,390 306,705
SHAREHOLDERS' FUNDS 544,391 306,706

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 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.

White Space Creative Ltd (Registered number: 05288791)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 April 2025 and were signed by:





C White - Director


White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

White Space Creative Ltd 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.

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" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

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.
Rental stock - 25% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants are recognised in the financial statements using the accruals model. Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets,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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 4,920
AMORTISATION
At 1 August 2023 104
Charge for year 1,230
At 31 July 2024 1,334
NET BOOK VALUE
At 31 July 2024 3,586
At 31 July 2023 4,816

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Rental Plant and and
stock machinery fittings
£    £    £   
COST
At 1 August 2023 19,380 326,487 8,464
Additions - 7,283 3,555
Disposals - (155,864 ) (8,464 )
Impairments - - -
At 31 July 2024 19,380 177,906 3,555
DEPRECIATION
At 1 August 2023 19,185 180,217 7,338
Charge for year 195 37,998 725
Eliminated on disposal - (146,214 ) (7,619 )
At 31 July 2024 19,380 72,001 444
NET BOOK VALUE
At 31 July 2024 - 105,905 3,111
At 31 July 2023 195 146,270 1,126

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 298,849 79,007 732,187
Additions 104,745 3,026 118,609
Disposals (105,520 ) (67,534 ) (337,382 )
Impairments (6,694 ) - (6,694 )
At 31 July 2024 291,380 14,499 506,720
DEPRECIATION
At 1 August 2023 155,336 59,611 421,687
Charge for year 53,728 9,223 101,869
Eliminated on disposal (98,881 ) (62,932 ) (315,646 )
At 31 July 2024 110,183 5,902 207,910
NET BOOK VALUE
At 31 July 2024 181,197 8,597 298,810
At 31 July 2023 143,513 19,396 310,500

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 153,655 184,857 338,512
Additions - 104,745 104,745
Transfer to ownership (280 ) (90,169 ) (90,449 )
At 31 July 2024 153,375 199,433 352,808
DEPRECIATION
At 1 August 2023 36,123 71,629 107,752
Charge for year 29,338 35,666 65,004
Transfer to ownership (101 ) (48,206 ) (48,307 )
At 31 July 2024 65,360 59,089 124,449
NET BOOK VALUE
At 31 July 2024 88,015 140,344 228,359
At 31 July 2023 117,532 113,228 230,760

6. STOCKS
31.7.24 31.7.23
£    £   
Stocks 95,050 95,050

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 345,824 76,406
Other debtors 7,217 7,967
Related party balance 73,181 63,840
Tax - 3,337
Prepayments 11,667 11,667
437,889 163,217

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 10) 77,859 193,423
Trade creditors 34,699 136,546
Tax 144,447 36,251
Social security and other taxes 9,667 4,403
VAT 96,383 73,078
Other creditors 11,539 14,569
Directors' loan accounts 36 22,531
Accruals and deferred income 44,208 29,939
448,838 540,740

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 2-5 years 27,500 58,219
Hire purchase contracts (see note 10) 104,844 -
132,344 58,219

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year 77,859 193,423
Between one and five years 104,844 -
182,703 193,423

Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 100,000 90,000
Between one and five years - 70,000
100,000 160,000

11. SECURED DEBTS

In the year ended 2021 the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 6 year repayment period.The loan is repayable by instalments which commenced in August 2021.

The bank loans have been secured against fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

12. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 75,599 78,829

Deferred
tax
£   
Balance at 1 August 2023 78,829
Accelerated capital allowances (3,230 )
Balance at 31 July 2024 75,599

White Space Creative Ltd (Registered number: 05288791)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
1 Ordinary £1 1 1

14. PENSION COMMITMENTS

The pension cost charge represents contributions payable by the company to the fund and amounted to £67,375 (2023: £65,549). At the end of the year 31 July 2024 there was a balance of £1,432 (2023: £1,460) outstanding to be paid.

15. RELATED PARTY DISCLOSURES

At the year end the company is owed £73,181 (2023: £63,840) which is due from Inaspace Rooms Limited, this amount is interest free and repayable after more than one year. The company is related to Inaspace Rooms Limited by virtue of their common shareholder C White.