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Logo On Report
Registered Number: 04502716
England and Wales

 

 

 

M.SPACE LTD



Abridged Accounts
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of M.Space Ltd for the year ended 31 August 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M.Space Ltd for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of M.Space Ltd , as a body, in accordance with the terms of our engagement letter dated 29 May 2025. Our work has been undertaken solely to prepare for your approval the accounts of M.Space Ltd and state those matters that we have agreed to state to the Board of Directors of M.Space Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.Space Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that M.Space Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M.Space Ltd . You consider that M.Space Ltd 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 accounts of M.Space Ltd . 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 accounts
31 August 2024.



....................................................
Boffix & Co Accountancy Limited
Boffix & Co Accountancy Limited

St Alban Tower
Wood Street
London
EC2V 7AF
29 May 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 200    200 
Tangible fixed assets 4 856,216    877,983 
856,416    878,183 
Current assets      
Stocks 500    500 
Debtors: amounts falling due within one year 377,578    49,175 
Cash at bank and in hand 193,722    153,661 
571,800    203,336 
Creditors: amount falling due within one year (141,384)   (144,916)
Net current assets 430,416    58,420 
 
Total assets less current liabilities 1,286,832    936,603 
Creditors: amount falling due after more than one year (200,000)   (224,925)
Accruals and deferred income (899,836)   (600,000)
Provisions for liabilities (5,940)   (10,070)
Net assets 181,056    101,608 
 

Capital and reserves
     
Called up share capital 5 199    199 
Profit and loss account 180,857    101,409 
Shareholders' funds 181,056    101,608 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 29 May 2025 and were signed on its behalf by:


-------------------------------
Tina Eberstein
Director
2
General Information
M.Space Ltd is a private company, limited by shares, registered in England and Wales, registration number 04502716, registration address Stonehaus, 87 Railway Road, Teddington, Middlesex, TW11 8RZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures and Fittings 20% Straight Line
Computer Equipment 33% Straight Line
Investment properties
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 September 2023  
Additions 200    200 
Disposals  
At 31 August 2024 200    200 
Amortisation
At 01 September 2023  
Charge for year  
On disposals  
At 31 August 2024  
Net book values
At 31 August 2024 200    200 
At 31 August 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 September 2023 825,000    116,410    65,729    7,870    16,512    1,031,521 
Additions   8,444        2,664    11,108 
Disposals          
At 31 August 2024 825,000    124,854    65,729    7,870    19,176    1,042,629 
Depreciation
At 01 September 2023   102,957    26,199    7,870    16,512    153,538 
Charge for year   15,564    16,432      879    32,875 
On disposals          
At 31 August 2024   118,521    42,631    7,870    17,391    186,413 
Net book values
Closing balance as at 31 August 2024 825,000    6,333    23,098      1,785    856,216 
Opening balance as at 01 September 2023 825,000    13,453    39,530        877,983 

In respect of the Freehold land & building stated at valuation, the historical costs are as follows:

Property   Original cost
£
  Developments
£
  Fair Value Adjustment
£
  Disposals
£
  Fair Value Carrying Value
£
Marlborough House 404,388  444,146  (23,534) 825,000 
404,388  444,146  (23,534) 825,000 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
75 Class A shares of £1.00 each 75    75 
50 Class B shares of £1.00 each 50    50 
50 Class C shares of £1.00 each 50    50 
24 Class E shares of £1.00 each 24    24 
199    199 

3