Company registration number SC721906 (Scotland)
FIRM SPACE Limited
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with registrar
FIRM SPACE Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of FIRM SPACE Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FIRM SPACE Limited for the year ended 31 March 2025 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j une-20 20.

This report is made solely to the b oard of d irectors of FIRM SPACE Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of FIRM SPACE Limited and state those matters that we have agreed to state to the b oard of d irectors of FIRM SPACE Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FIRM SPACE Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that FIRM SPACE Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FIRM SPACE Limited. You consider that FIRM SPACE Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of FIRM SPACE Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
4 November 2025
FIRM SPACE Limited
Statement of financial position
as at 31 March 2025
31 March 2025
2
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
2
60
470
Investment property
3
115,261
115,261
115,321
115,731
Current assets
Debtors
1,025
975
Cash at bank and in hand
4,253
2,488
5,278
3,463
Creditors: amounts falling due within one year
(32,629)
(32,888)
Net current liabilities
(27,351)
(29,425)
Total assets less current liabilities
87,970
86,306
Creditors: amounts falling due after more than one year
(88,097)
(86,710)
Net liabilities
(127)
(404)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(227)
(504)
Total equity
(127)
(404)
FIRM SPACE Limited
Statement of financial position (continued)
as at 31 March 2025
31 March 2025
3

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 1 November 2025
Gail Mawby
Director
Company registration number SC721906 (Scotland)
FIRM SPACE Limited
Notes to thefinancial statements
for the year ended 31 March 2025
4
1
Accounting policies
Company information

FIRM SPACE Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, AB31 4ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

FIRM SPACE Limited
Notes to thefinancial statements (continued)
for the year ended 31 March 2025
5
2
Tangible fixed assets
Total
£
Cost
At 1 April 2024 and 31 March 2025
1,227
Depreciation and impairment
At 1 April 2024
757
Depreciation charged in the year
410
At 31 March 2025
1,167
Carrying amount
At 31 March 2025
60
At 31 March 2024
470
3
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
115,261
4
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2025
2024
Amounts due to related parties
£
£
Other related parties
88,097
86,710
5
Directors' transactions
Description
Opening balance credit
Closing balance credit
£
£
Gail Mawby - Director's account
-
31,400
31,400
31,400
31,400
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