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REGISTERED NUMBER: 04191465 (England and Wales)






















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 29 February 2024

for

Vinyl Space Limited

Vinyl Space Limited (Registered number: 04191465)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Vinyl Space Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T J Robinson





SECRETARY: Camamile Limited





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 04191465 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Vinyl Space Limited (Registered number: 04191465)

Strategic Report
for the Year Ended 29 February 2024

The director presents his strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
During the year under review the company continued to manage and operate the hotel, plus the separate event, leisure and farm businesses.

The hotel business turnover was consistent with the previous year.

Work continued on the rolling programme of hotel room improvements with proposed future works to include upgrades to the electrical and M&E services and replacing the windows. A planning application was drawn up with external consultants for an outdoor swimming pool and associated buildings within the existing walled garden.

The hotel and River House continued to be available to Soho House members throughout the year with growing popularity.

The events business in London benefitted from strong demand with turnover increasing by 59% over the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks to the business reflect those of the broader economy and the demand for hotel leisure, conferences and events related activities.

FUTURE DEVELOPMENTS
The hotel business continues to benefit from the association with Soho House and the bookings made at both the River House and the hotel through the Soho House member's app or SHapp. Oakley Court has a growing popularity with Soho House members given its proximity to central London and specifically west London and this is expected to continue into the future.

ON BEHALF OF THE BOARD:





T J Robinson - Director


14 May 2025

Vinyl Space Limited (Registered number: 04191465)

Report of the Director
for the Year Ended 29 February 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of holding of property for management and development, the operation of a hotel and the operation of an events business.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTOR
T J Robinson held office during the whole of the period from 1 March 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





T J Robinson - Director


14 May 2025

Report of the Independent Auditors to the Members of
Vinyl Space Limited

Opinion
We have audited the financial statements of Vinyl Space Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Due to a limitation of scope we have not been able to verify the valuation of investment property shown in the Company's financial statements at a value of £3,000,000.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.


- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made.

Report of the Independent Auditors to the Members of
Vinyl Space Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

14 May 2025

Vinyl Space Limited (Registered number: 04191465)

Statement of Comprehensive
Income
for the Year Ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 3 10,169,645 9,976,947

Cost of sales 5,632,186 5,678,285
GROSS PROFIT 4,537,459 4,298,662

Administrative expenses 4,788,570 5,094,921
(251,111 ) (796,259 )

Other operating income 4 7,610 997,502
OPERATING (LOSS)/PROFIT 6 (243,501 ) 201,243

Interest receivable and similar income - 491
(LOSS)/PROFIT BEFORE TAXATION (243,501 ) 201,734

Tax on (loss)/profit 7 - -
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (243,501 ) 201,734

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(243,501

)

201,734

Vinyl Space Limited (Registered number: 04191465)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 6,314,721 6,847,469
Investment property 9 3,000,000 3,000,000
9,314,721 9,847,469

CURRENT ASSETS
Stocks 10 139,918 157,831
Debtors 11 3,608,508 4,389,459
Cash at bank and in hand 159,178 19,790
3,907,604 4,567,080
CREDITORS
Amounts falling due within one year 12 8,279,807 9,228,530
NET CURRENT LIABILITIES (4,372,203 ) (4,661,450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,942,518

5,186,019

PROVISIONS FOR LIABILITIES 14 149,096 149,096
NET ASSETS 4,793,422 5,036,923

CAPITAL AND RESERVES
Called up share capital 15 1 1
Retained earnings -
undistributable 16 219,179 219,179
Retained earnings 16 4,574,242 4,817,743
SHAREHOLDERS' FUNDS 4,793,422 5,036,923

The financial statements were approved by the director and authorised for issue on 14 May 2025 and were signed by:





T J Robinson - Director


Vinyl Space Limited (Registered number: 04191465)

Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up Retained
share Retained earnings Total
capital earnings - undistributable equity
£    £    £    £   
Balance at 1 March 2022 1 4,616,009 219,179 4,835,189

Changes in equity
Total comprehensive income - 201,734 - 201,734
Balance at 28 February 2023 1 4,817,743 219,179 5,036,923

Changes in equity
Total comprehensive income - (243,501 ) - (243,501 )
Balance at 29 February 2024 1 4,574,242 219,179 4,793,422

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Vinyl Space Limited 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.

The principle places of business are 16-18 Marshall Street, London, W1F 7BE and The Oakley Court, Windsor Road, Water Oakley, Windsor SL4 5UR.

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.

The accounts are prepared on a going concern basis due to the agreement of the director together with the Vinyl Factory Limited, the parent company of the group, to continue to support the Company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Revenue represents net hotel income, rents received and net venue hire for the period. Revenue is recognised on the accruals basis in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 16% - 33% on cost
Hotel equipment - 25% on cost and Straight line over 14 years
Hotel furnishings - 25% on cost, not provided and Straight line over 14 years
Motor vehicles - 25% on cost
Fixtures and fittings - Straight line over 14 years

A large proportion of hotel furnishings are not depreciated as the value of the items is not estimated to decrease due to being antiques and artwork furnishings. Regular impairment reviews are undertaken.

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.

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

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.

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.

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Event revenue 747,821 455,933
Rents received 152,450 110,075
Hotel revenue 9,269,374 9,410,939
10,169,645 9,976,947

4. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry income 7,610 997,502

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,433,827 3,867,240
Social security costs 309,935 321,119
Other pension costs 63,719 66,191
3,807,481 4,254,550

The average number of employees during the year was as follows:
2024 2023

Vinyl Space 2 2
Hotel 121 140
123 142

Key Management Personnel

Key management includes the director and the hotel manager. The compensation payable to key management for employee services is shown below:

20242023
££
Salaries and other short-term benefits119,900131,150

119,900131,150

2024 2023
£    £   
Director's remuneration - -

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 14,914 10,388
Other operating leases 1,800 (3,825 )
Depreciation - owned assets 1,065,673 1,112,411
(Profit)/loss on disposal of fixed assets (15,334 ) 12,410
Auditors' remuneration 22,300 19,250

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 29 February 2024 nor for the year ended 28 February 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (243,501 ) 201,734
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

(46,265

)

38,329

Effects of:
Expenses not deductible for tax purposes 7,694 5,635
Capital allowances in excess of depreciation - (77,958 )
Depreciation in excess of capital allowances 65,861 -
Utilisation of tax losses (81,076 ) -


Recognition of previously unrecognised tax losses 53,786 33,994

Total tax charge - -

8. TANGIBLE FIXED ASSETS
Improvements
to Hotel Hotel
property equipment furnishings
£    £    £   
COST
At 1 March 2023 363,843 7,723,400 2,368,146
Additions - 456,914 64,923
Disposals - (663 ) -
At 29 February 2024 363,843 8,179,651 2,433,069
DEPRECIATION
At 1 March 2023 363,843 3,273,269 153,698
Charge for year - 950,648 85,696
Eliminated on disposal - 304 -
At 29 February 2024 363,843 4,224,221 239,394
NET BOOK VALUE
At 29 February 2024 - 3,955,430 2,193,675
At 28 February 2023 - 4,450,131 2,214,448

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. TANGIBLE FIXED ASSETS - continued

Fixtures
Motor and
vehicles fittings Totals
£    £    £   
COST
At 1 March 2023 39,500 339,654 10,834,543
Additions - 12,055 533,892
Disposals - - (663 )
At 29 February 2024 39,500 351,709 11,367,772
DEPRECIATION
At 1 March 2023 39,500 156,764 3,987,074
Charge for year - 29,329 1,065,673
Eliminated on disposal - - 304
At 29 February 2024 39,500 186,093 5,053,051
NET BOOK VALUE
At 29 February 2024 - 165,616 6,314,721
At 28 February 2023 - 182,890 6,847,469

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 3,000,000
NET BOOK VALUE
At 29 February 2024 3,000,000
At 28 February 2023 3,000,000

Investment properties were subject to valuation by T J Robinson, a director who is a professionally qualified valuer although is no longer a member of the Royal Institute of Chartered Surveyors.

The methods and significant assumptions used to ascertain the fair value of £3,000,000 are as follows:

The original purchase price of the property was used and adjusted for capital improvements. This was then uplifted in line with current market data for similar properties within the surrounding area.

The director T J Robinson has accessed the value at the year end and feels that the valuation is not materially different to the current carry value.

10. STOCKS
2024 2023
£    £   
Stocks 139,918 157,831

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 212,961 244,868
Amounts owed by group undertakings 17,899 25,932
Other debtors 436,246 1,545,315
VAT - 77,649
667,106 1,893,764

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 2,941,402 2,495,695

Aggregate amounts 3,608,508 4,389,459

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,314,838 2,101,124
Amounts owed to group undertakings 5,713,034 5,790,931
Tax (419 ) (419 )
Social security and other taxes 56,251 119,018
VAT 37,008 -
Other creditors 1,159,095 1,217,876
8,279,807 9,228,530

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 1,352

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 149,096 149,096

Deferred
tax
£   
Balance at 1 March 2023 149,096
Balance at 29 February 2024 149,096

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

16. RESERVES
Retained
Retained earnings
earnings - undistributable Totals
£    £    £   

At 1 March 2023 4,817,743 219,179 5,036,922
Deficit for the year (243,501 ) (243,501 )
At 29 February 2024 4,574,242 219,179 4,793,421

Vinyl Space Limited (Registered number: 04191465)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

17. ULTIMATE PARENT COMPANY

The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, London, W1F 7BE.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, the company received rental income of £35,000 (2023: £35,000) from the shareholders of the parent company.

During the period, the company paid £1,000 (2023: £nil) for music services to a family member of a shareholder of the parent company. The music services were delivered to a third party company.