Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-312023-11-01falseManagement of properties1311falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11596668 2023-11-01 2024-10-31 11596668 2022-11-01 2023-10-31 11596668 2024-10-31 11596668 2023-10-31 11596668 c:Director1 2023-11-01 2024-10-31 11596668 d:FurnitureFittings 2023-11-01 2024-10-31 11596668 d:FurnitureFittings 2024-10-31 11596668 d:FurnitureFittings 2023-10-31 11596668 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 11596668 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 11596668 d:ComputerEquipment 2023-11-01 2024-10-31 11596668 d:ComputerEquipment 2024-10-31 11596668 d:ComputerEquipment 2023-10-31 11596668 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 11596668 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 11596668 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 11596668 d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 11596668 d:CurrentFinancialInstruments 2024-10-31 11596668 d:CurrentFinancialInstruments 2023-10-31 11596668 d:Non-currentFinancialInstruments 2024-10-31 11596668 d:Non-currentFinancialInstruments 2023-10-31 11596668 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 11596668 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 11596668 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 11596668 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 11596668 d:ShareCapital 2024-10-31 11596668 d:ShareCapital 2023-10-31 11596668 d:SharePremium 2024-10-31 11596668 d:SharePremium 2023-10-31 11596668 d:RetainedEarningsAccumulatedLosses 2024-10-31 11596668 d:RetainedEarningsAccumulatedLosses 2023-10-31 11596668 c:OrdinaryShareClass1 2023-11-01 2024-10-31 11596668 c:OrdinaryShareClass1 2024-10-31 11596668 c:OrdinaryShareClass1 2023-10-31 11596668 c:OrdinaryShareClass2 2023-11-01 2024-10-31 11596668 c:OrdinaryShareClass2 2024-10-31 11596668 c:OrdinaryShareClass2 2023-10-31 11596668 c:OrdinaryShareClass3 2023-11-01 2024-10-31 11596668 c:OrdinaryShareClass3 2024-10-31 11596668 c:OrdinaryShareClass3 2023-10-31 11596668 c:FRS102 2023-11-01 2024-10-31 11596668 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 11596668 c:FullAccounts 2023-11-01 2024-10-31 11596668 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 11596668 d:HirePurchaseContracts d:WithinOneYear 2024-10-31 11596668 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 11596668 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-10-31 11596668 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 11596668 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11596668









METSPACE LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
METSPACE LONDON LIMITED
REGISTERED NUMBER: 11596668

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
2,377,376
2,281,591

  
2,377,376
2,281,591

Current assets
  

Debtors: amounts falling due within one year
 5 
1,406,103
1,100,367

Cash at bank and in hand
  
979,773
638,623

  
2,385,876
1,738,990

Creditors: amounts falling due within one year
 6 
(2,923,811)
(2,345,000)

Net current liabilities
  
 
 
(537,935)
 
 
(606,010)

Total assets less current liabilities
  
1,839,441
1,675,581

Creditors: amounts falling due after more than one year
 7 
(1,623,215)
(1,659,311)

  

Net assets
  
216,226
16,270


Capital and reserves
  

Called up share capital 
 9 
8,235
8,235

Share premium account
  
249,865
249,865

Profit and loss account
  
(41,874)
(241,830)

  
216,226
16,270

Page 1

 
METSPACE LONDON LIMITED
REGISTERED NUMBER: 11596668
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






D N S Cluer
Director

Date: 9 July 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The principal activity of the company is that of managing office space for commercial customers.
The company is a private company limited by shares and is incorporated in England & Wales.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised in the period to which it relates.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
 
Page 5

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 11).

Page 6

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2023
2,504,583
3,872
2,508,455


Additions
381,644
-
381,644



At 31 October 2024

2,886,227
3,872
2,890,099



Depreciation


At 1 November 2023
224,109
2,755
226,864


Charge for the year on owned assets
6,913
974
7,887


Charge for the year on financed assets
277,972
-
277,972



At 31 October 2024

508,994
3,729
512,723



Net book value



At 31 October 2024
2,377,233
143
2,377,376



At 31 October 2023
2,280,474
1,117
2,281,591

Finance leases

The net book value of assets held under finance leases totalled £2,283,700 at the year end.


5.


Debtors

As restated
2024
2023
£
£


Trade debtors
373,050
419,555

Other debtors
48,224
48,224

Prepayments and accrued income
921,279
632,588

Deferred taxation
63,550
-

1,406,103
1,100,367


Page 7

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
549,214
333,858

Other taxation and social security
134,435
67,973

Obligations under finance lease and hire purchase contracts
748,099
700,658

Other creditors
472,961
516,801

Accruals and deferred income
1,019,102
725,710

2,923,811
2,345,000



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
654,710
1,069,977

Other creditors
968,505
589,334

1,623,215
1,659,311



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
748,099
866,469

Between 1-5 years
654,710
755,874

1,402,809
1,622,343

Page 8

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,050 (2023 - 4,050) Ordinary A shares of £1.00 each
4,050
4,050
4,050 (2023 - 4,050) Ordinary B shares of £1.00 each
4,050
4,050
135 (2023 - 135) Ordinary C shares of £1.00 each
135
135

8,235

8,235



10.


Prior year adjustment

The financial statements include a prior year adjustment in respect of timing differences relating to turnover and cost of sales. The impact on the financial statements has decreased turnover by £60,803 in the prior year, increased expenses by £8,307, and therefore decreased reserves as at 31 October 2023 by £69,110.
 


11.


Capital commitments


At 31 October 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
76,383
-

76,383
-


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £2,553 (2023: £1,891) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

Included in other creditors are amounts totalling £45,000 (2023: £45,000) due to a company in which two of the directors have an interest. 
Also included in other creditors are amounts totalling £40,351 (2023: £40,351) due to a company in which some of the shareholders have an interest. 

 
Page 9