Registration number: 12411924

Flagship Spaces Limited

(Registration number: 12411924)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	-	28,903
Tangible assets	5	-	51,250
Investment property	6	-	541,580
		-	621,733
Current assets
Debtors	7	460,047	319,866
Cash at bank and in hand		10,216	48,705
		470,263	368,571
Creditors: Amounts falling due within one year	8	(1,067,422)	(926,470)
Net current liabilities		(597,159)	(557,899)
Net (liabilities)/assets		(597,159)	63,834
Capital and reserves
Called up share capital		3	3
Share premium reserve		594,589	594,589
Retained earnings		(1,191,751)	(530,758)
Shareholders' (deficit)/funds		(597,159)	63,834

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

AJ Franks
Director

Flagship Spaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bath House
16 Bath Row
Stamford
Lincolnshire
PE9 2QU
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents rental income. Turnover is generated in the ordinary course of the company's business and is not attributable to any markets outside of the United Kingdom.

Rental income is accounted for in accordance with agreed contracts.

Flagship Spaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets comprise of investment property and office equipment.

Office equipment is initially recorded at cost and subsequently recorded at cost less any accumulated depreciation and impairment losses.

Investment property

Investment properties for which fair value can be reliably measured without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

The fair value of investment property takes into consideration the carrying value of any lease incentives in order to avoid the double counting of assets in accordance with the FRS102 Section 16 'Investment Property'.

Intangible assets

Intangible assets comprise of software and internally generated brands.

Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Asset class	Amortisation method and rate
Software	3 years
Internally generated brand	5 years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Flagship Spaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
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 profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

	Internally generated brands  £	Software  £	Total £
Cost
At 1 January 2024	58,183	6,462	64,645
At 31 December 2024	58,183	6,462	64,645
Amortisation
At 1 January 2024	30,158	5,584	35,742
Amortisation charge	28,025	878	28,903
At 31 December 2024	58,183	6,462	64,645
Carrying amount
At 31 December 2024	-	-	-
At 31 December 2023	28,025	878	28,903

Flagship Spaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 January 2024	157,931
At 31 December 2024	157,931
Depreciation
At 1 January 2024	106,681
Charge for the year	51,250
At 31 December 2024	157,931
Carrying amount
At 31 December 2024	-
At 31 December 2023	51,250

6

Investment properties

	£
At 1 January 2024	541,580
Fair value adjustments	(541,580)
At 31 December 2024	-

7

Debtors

	2024 £	2023 £
Trade debtors	14,083	14,083
Receivables from related parties	429,257	304,257
Other debtors	16,707	1,526
	460,047	319,866

8

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	2,036	5,962
Amounts due to related parties	1,046,382	882,025
Accruals and deferred income	5,989	25,471
Other creditors	13,015	13,012
	1,067,422	926,470

9

Parent and ultimate parent undertaking

The company's immediate parent is Stey Limited, incorporated in England.

 The ultimate parent is Almero Holdings UK Limited, incorporated in England.