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COMPANY REGISTRATION NUMBER: 13091568
Transformative Space Ltd
Filleted Unaudited Financial Statements
28 February 2025
Transformative Space Ltd
Statement of Financial Position
28 February 2025
28 Feb 25
31 Dec 23
Note
£
£
Fixed assets
Tangible assets
5
2,587
Current assets
Debtors
6
1,989
3,356
Cash at bank and in hand
76
2,366
-------
-------
2,065
5,722
Creditors: amounts falling due within one year
7
6,932
7,612
-------
-------
Net current liabilities
4,867
1,890
-------
-------
Total assets less current liabilities
( 4,867)
697
-------
----
Net (liabilities)/assets
( 4,867)
697
-------
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 4,967)
597
-------
----
Shareholder (deficit)/funds
( 4,867)
697
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Transformative Space Ltd
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 5 April 2025 , and are signed on behalf of the board by:
Dr K Gray
Director
Company registration number: 13091568
Transformative Space Ltd
Notes to the Financial Statements
Period from 1 January 2024 to 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
1,833
2,075
3,908
Disposals
( 1,833)
( 2,075)
( 3,908)
-------
-------
-------
At 28 February 2025
-------
-------
-------
Depreciation
At 1 January 2024
802
519
1,321
Disposals
( 802)
( 519)
( 1,321)
-------
-------
-------
At 28 February 2025
-------
-------
-------
Carrying amount
At 28 February 2025
-------
-------
-------
At 31 December 2023
1,031
1,556
2,587
-------
-------
-------
6. Debtors
28 Feb 25
31 Dec 23
£
£
Trade debtors
372
3,183
Other debtors
1,617
173
-------
-------
1,989
3,356
-------
-------
7. Creditors: amounts falling due within one year
28 Feb 25
31 Dec 23
£
£
Corporation tax
2,159
Social security and other taxes
670
Other creditors
6,932
4,783
-------
-------
6,932
7,612
-------
-------