Registered number
10045695
SPACES NEWINGTON BUTTS LIMITED
Filleted Accounts
31 December 2024
SPACES NEWINGTON BUTTS LIMITED
Registered number: 10045695
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Stocks 1,076,288 1,076,288
Debtors 4 1,463 1,528
Cash at bank and in hand 46,210 9,934
1,123,961 1,087,750
Creditors: amounts falling due within one year 5 (1,439,786) (1,332,606)
Net current liabilities (315,825) (244,856)
Total assets less current liabilities (315,825) (244,856)
Creditors: amounts falling due after more than one year 6 (26,496) (32,648)
Net liabilities (342,321) (277,504)
Capital and reserves
Called up share capital 1 1
Profit and loss account (342,322) (277,505)
Shareholder's funds (342,321) (277,504)
The directors are 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 directors acknowledge their 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 NEWINGTON BUTTS 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).
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is 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 2 2
3 Stocks 2024 2023
£ £
Stocks (secured) 1,076,288 1,076,288
1,076,288 1,076,288
The company has granted fixed and floating charges over its properties held as stock.
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 993 993
Prepayment 470 474
Other debtors - 61
1,463 1,528
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,575 4,444
Other bank loans 1,087,093 989,985
Amounts owed to group undertakings and undertakings in which the company has a participating interest 324,959 324,959
Accruals 3,975 916
Other creditors 18,184 12,302
1,439,786 1,332,606
One of the bank loans for £957,985 is secured by way of a fixed and floating charge over the property known as 142 Newington Butts, London, SE11 4RN, which is held as inventory by the company.

Amounts owed to group companies and amounts owned to parent company are interest free and unsecured.

The amounts owed to group undertakings and amounts owed to parent undertakings have been classified as due in less than one year reflecting the nature of the loan. The directors do not expect the loans to be repaid within twelve months of the financial statements being signed unless the company has sufficient funds to do so.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,496 32,648
Bank loan relates to Bounce Back Loan scheme for £40,000 , set up by the Government to help businesses with Covid-19. It is Government backed unsecured loan with interest at 2.15% . the company has started repaying the loan by way of monthly instalments and the loan is due to be fully repaid within 10 years.
7 Controlling party
S K Bhunnoo, a director of the company, is the ultimate controlling party by virtue of his majority shareholding in the share capital of Spaces Property Group Limited.

Spaces NB Investors Limited, which is registered in England and Wales at Kemp House, 124 City Road, London, England, EC1V 2NX, was the company's immediate parent as at 31 December 2024.

Spaces Property Group Limited, which is registered in England and Wales at Kemp House, 124 City Road, London, England, EC1V 2NX, was the company's ultimate parent as at 31 December 2024.
8 Other information
SPACES NEWINGTON BUTTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
124 City Road
London
EC1V 2NX
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