IRIS Accounts Production v24.3.2.46 SO306825 designated member designated member 1.4.23 31.3.24 31.3.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3068252023-03-31SO3068252024-03-31SO3068252023-04-012024-03-31SO3068252022-03-31SO3068252022-04-012023-03-31SO3068252023-03-31SO306825ns15:Scotland2023-04-012024-03-31SO306825ns14:PoundSterling2023-04-012024-03-31SO306825ns10:PartnerLLP12023-04-012024-03-31SO306825ns10:PartnerLLP22023-04-012024-03-31SO306825ns10:LimitedLiabilityPartnershipLLP2023-04-012024-03-31SO306825ns10:SmallEntities2023-04-012024-03-31SO306825ns10:AuditExemptWithAccountantsReport2023-04-012024-03-31SO306825ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SO306825ns10:LimitedLiabilityPartnershipsSORP2023-04-012024-03-31SO306825ns10:FullAccounts2023-04-012024-03-31SO306825ns10:PartnerLLP32023-04-012024-03-31SO306825ns10:RegisteredOffice2023-04-012024-03-31SO306825ns5:CurrentFinancialInstruments2024-03-31SO306825ns5:CurrentFinancialInstruments2023-03-31SO306825ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31SO306825ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: SO306825 (Scotland)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Space MGM LLP

Space MGM LLP (Registered number: SO306825)

Contents of the Financial Statements
for the year ended 31st March 2024










Page

General Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Space MGM LLP

General Information
for the year ended 31st March 2024







Designated members: A McMaster
Puresurf Limited
G M Munro





Registered office: 4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT





Registered number: SO306825 (Scotland)





Accountants: Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Chartered Accountants' Report to the Members
on the Unaudited Financial Statements of
Space MGM LLP


The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Space MGM LLP for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the members of Space MGM LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Space MGM LLP and state those matters that we have agreed to state to the members of Space MGM LLP, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Space MGM LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Space MGM LLP. You consider that Space MGM LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Space MGM LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


30th January 2025

Space MGM LLP (Registered number: SO306825)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Investment property 4 336,827 332,577

Current assets
Debtors 5 11,727 12,000
Cash at bank 14,432 17,639
26,159 29,639
Creditors
Amounts falling due within one year 6 31,747 15,299
Net current (liabilities)/assets (5,588 ) 14,340
Total assets less current liabilities
and
Net assets attributable to members 331,239 346,917

Loans and other debts due to members 7 331,239 346,917

Total members' interests
Loans and other debts due to members 7 331,239 346,917

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Space MGM LLP (Registered number: SO306825)

Balance Sheet - continued
31st March 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30th January 2025 and were signed by:





A McMaster - Designated member

Space MGM LLP (Registered number: SO306825)

Notes to the Financial Statements
for the year ended 31st March 2024


1. Statutory information

Space MGM LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General 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" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Fair value
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3. Employee information

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

4. Investment property
Total
£   
Cost or valuation
At 1st April 2023 332,577
Additions 4,250
At 31st March 2024 336,827
Net book value
At 31st March 2024 336,827
At 31st March 2023 332,577

Cost or valuation at 31st March 2024 is represented by:
£   
Valuation in 2024 336,827

Space MGM LLP (Registered number: SO306825)

Notes to the Financial Statements - continued
for the year ended 31st March 2024


4. Investment property - continued

Investment property was valued on an open market basis on 31st March 2024 by the members .

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 11,727 12,000

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Taxation and social security 2,944 2,264
Other creditors 28,803 13,035
31,747 15,299

7. Loans and other debts due to members

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up of the LLP.

There are no restrictions or limitations on the ability of the members to reduce the amount of members' other interests.