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REGISTERED NUMBER: SC491883 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Twelve Space Limited

Twelve Space Limited (Registered number: SC491883)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Twelve Space Limited

Company Information
for the Year Ended 30 November 2024







DIRECTOR: J D Lonie





REGISTERED OFFICE: 11 Alva Street
Edinburgh
EH2 4PH





REGISTERED NUMBER: SC491883 (Scotland)





ACCOUNTANTS: LinklatersCA
8 Darnaway Street
Edinburgh
EH3 6BG

Twelve Space Limited (Registered number: SC491883)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,806 2,994
Investment property 5 910,000 1,036,000
912,806 1,038,994

CURRENT ASSETS
Debtors 6 12,433 9,489
Cash at bank 18,004 239,732
30,437 249,221
CREDITORS
Amounts falling due within one year 7 48,613 26,794
NET CURRENT (LIABILITIES)/ASSETS (18,176 ) 222,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

894,630

1,261,421

CREDITORS
Amounts falling due after more than one
year

8

(355,000

)

(642,000

)

PROVISIONS FOR LIABILITIES (44,077 ) (65,813 )
NET ASSETS 495,553 553,608

CAPITAL AND RESERVES
Called up share capital 20 20
Fair value reserve 9 227,392 331,656
Retained earnings 268,141 221,932
SHAREHOLDERS' FUNDS 495,553 553,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

Twelve Space Limited (Registered number: SC491883)

Balance Sheet - continued
30 November 2024


The 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.

The financial statements were approved by the director and authorised for issue on 8 August 2025 and were signed by:





J D Lonie - Director


Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Twelve Space Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 - 10% on cost
Plant and machinery - 20% on cost
Computer equipment - 33% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 December 2023 6,408 36,377 - 42,785
Additions - - 957 957
At 30 November 2024 6,408 36,377 957 43,742
DEPRECIATION
At 1 December 2023 3,846 35,945 - 39,791
Charge for year 641 185 319 1,145
At 30 November 2024 4,487 36,130 319 40,936
NET BOOK VALUE
At 30 November 2024 1,921 247 638 2,806
At 30 November 2023 2,562 432 - 2,994

Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023 1,036,000
Revaluations (126,000 )
At 30 November 2024 910,000
NET BOOK VALUE
At 30 November 2024 910,000
At 30 November 2023 1,036,000

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2015 6,510
Valuation in 2016 204,959
Valuation in 2019 186,000
Valuation in 2024 (126,000 )
Cost 638,531
910,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 638,531 638,531

Investment property was valued on an open market basis on 30 November 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,902
Other debtors 12,433 7,587
12,433 9,489

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,120 -
Taxation and social security 11,806 11,243
Other creditors 34,687 15,551
48,613 26,794

Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 355,000 642,000

9. RESERVES
Fair
value
reserve
£   
At 1 December 2023 331,656
Property revaluation in year (126,000 )
Movement in deferred tax 21,736

At 30 November 2024 227,392

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £500 were paid to the director .

£375,000 was due by the company to the director at 30 November 2024. (2023 NIL).