Spaces Property Group Limited - Filleted accounts

Registered number

05813789

Spaces Property Group Limited

Filleted Accounts

31 December 2024

Spaces Property Group Limited
Registered number:		05813789
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		1,556,109			1,556,460
Investments	4		406			407
			1,556,515			1,556,867

Current assets
Debtors	5	242,234			344,410
Cash at bank and in hand		23,597			19,387
		265,831			363,797

Creditors: amounts falling due within one year	7	(466,638)			(524,156)

Net current liabilities			(200,807)			(160,359)

Total assets less current liabilities			1,355,708			1,396,508

Creditors: amounts falling due after more than one year	8		(1,280,559)			(1,246,208)

Provisions for liabilities			(109,175)			(109,175)


Net (liabilities)/assets			(34,026)			41,125	-

Capital and reserves
Called up share capital			1			1
Revaluation reserve	9		537,575			537,575
Profit and loss account			(571,602)			(496,451)

Shareholder's funds			(34,026)			41,125

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




S K Bhunnoo
Director
Approved by the board on 19 September 2025

Spaces Property Group Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Group accounts exemption
	Group accounts exemption s399 The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

	Going concern
	The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities. The company is supported through a loan from the parent company and the directors are satisfied that this loan will not be re-called for payment within 12 months of the date of the signing of the financial statements unless the company has sufficient funds to do so. Based on this the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for a least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

	Property Income
	Property income represents rental income and is recognised in the profit and loss account on a straight line basis over the term of the tenancy agreement.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery		over 3 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Impairment of assets
	Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

	Non-financial assets
	An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

	Financial assets
	For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees				2024		2023
Number						Number

	Average number of persons employed by the company				1		1


3	Tangible fixed assets
			Investment properties		Plant and machinery etc		Total
£				£		£
	Cost
	At 1 January 2024		1,556,108		14,191		1,570,299
	At 31 December 2024		1,556,108		14,191		1,570,299

	Depreciation
	At 1 January 2024		-		13,839		13,839
	Charge for the year		-		351		351
	At 31 December 2024		-		14,190		14,190

	Net book value
	At 31 December 2024		1,556,108		1		1,556,109
	At 31 December 2023		1,556,108		352		1,556,460
	The director has considered the value of the properties at the year end to be consistent with their fair value, based on latest yields, occupancy rates and lease terms in place. If the investment properties had been held at historical cost and had not been revalued they would have been included at the following amounts: £1,201,296 .


4	Investments
Investments in
subsidiary				Other
undertakings				investments		Total
£				£		£
	Cost
	At 1 January 2024		2		405		407
	Impairment		(1)		-

	At 31 December 2024		1		405		406

	Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.12.2024		Ownership 31.12.2023
	Spaces 175 Long Lane Limited	124 City Road, London, England, EC1V 2NX	Buying, selling or letting of own or leased real estate	Ordinary shares	40.50%		40.50%
	Spaces NB Investors Limited	124 City Road, London, England, EC1V 2NX	Buying, selling or letting of own or leased real estate	Ordinary shares	70.00%		70.00%
	SPG Dream Ltd	124 City Road, London, England, EC1V 2NX	Buying, selling or letting of own or leased real estate	Ordinary shares	100.00%		100.00%


5	Debtors				2024		2023
£						£

	Amounts owed by group undertakings				51,722		51,722
	Amounts owed by associates				77,628		77,628
	Deposits				2,184		2,184
	Accrued income				27,090		40,216
	Other debtors				83,610		172,660
					242,234		344,410

	Amounts owed by Group undertakings and amounts owed by associates are interest free, unsecured and repayable on demand.

6	Investments held as current assets				2024		2023
£						£
	Fair value

	Increase/(decrease) in fair value included in the profit and loss account for the financial year
	Investments				-		(297,799)



7	Creditors: amounts falling due within one year				2024		2023
£						£

	Bank loans and overdrafts				24,683		26,862
	Amounts owed to group undertakings and undertakings in which the company has a participating interest				44,802		80,716
	Accruals				332		132
	Other creditors				396,821		416,446
					466,638		524,156

	Amounts owed to Group undertakings and amounts owed to associates are interest free, unsecured and repayable on demand. Included within other creditors is a loan of £119,000, which is secured by a fixed and floating charge over the Company's investment property, fixtures and fittings and any intangible fixed assets.

8	Creditors: amounts falling due after one year				2024		2023
£						£

	Bank loans				1,280,559		1,246,208

	Included within bank loans is a mortgage of £433,254 (2023: £414,630), which is secured against Flat 28, Alverstone House, Kennington Park Road, London. Included within bank loans is a mortgage of £456,022 (2023: £415,857), which is secured against Flat 38, Wickstead House, County Street, London. Included within bank loans is a mortgage of £306,822 (2023: £306,822), which is secured against Flat 34, Blythe House, West Kensington, London. Included within bank loans is a loan of £13,809 (2023: £14,909), which is secured by a fixed and floating charge over the Company's investment property, fixtures and fittings and any intangible fixed assets.

9	Fair value reserve				2024		2023
£						£

	At 1 January 2024				537,575		537,575

	At 31 December 2024				537,575		537,575


10	Related party transactions

	The Company has taken advantage of the exemption under FRS 102 not to disclose details of transactions with other wholly owned companies within the Group headed by Spaces Property Group Limited. Included within amounts owed by group undertakings is a loan of £51,722 (2023: £51,722) to Spaces NB Investors Limited, a company which is a non wholly-owned subsidiary of the Company. The loan is interest free, unsecured and repayable on demand. Included within amounts owed by associates is a loan of £77,688 (2023: £77,688) to Spaces 175 Long Lane Limited, a company which is an associate of this company. The loan is interest free, unsecured and repayable on demand.


11	Controlling party

	S K Bhunnoo, a director of the Company, is the ultimate controlling party by virtue of his 100% shareholding in the share capital of the Company.


12	Other information

	Spaces Property Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
	124 City Road
	LONDON
	EC1V