REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
Space MGM LLP |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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. |
4th Floor Metropolitan House |
31-33 High Street |
Inverness |
IV1 1HT |
Space MGM LLP (Registered number: SO306825) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Additions |
At 31st March 2024 |
Net book value |
At 31st March 2024 |
At 31st March 2023 |
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 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
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. |