Company registration number 10750597 (England and Wales)
TOWNGATE SPACE SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
TOWNGATE SPACE SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TOWNGATE SPACE SOLUTIONS LTD
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
123,087
145,920
Investment property
4
1,950,000
1,950,000
Investments
5
200,000
-
0
2,273,087
2,095,920
Current assets
Debtors
6
293,044
62,698
Cash at bank and in hand
7,980
21,303
301,024
84,001
Creditors: amounts falling due within one year
7
(121,977)
(109,840)
Net current assets/(liabilities)
179,047
(25,839)
Total assets less current liabilities
2,452,134
2,070,081
Creditors: amounts falling due after more than one year
8
(1,072,468)
(685,292)
Provisions for liabilities
(207,588)
(218,244)
Net assets
1,172,078
1,166,545
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
1,172,077
1,166,544
Total equity
1,172,078
1,166,545

The notes on pages 3 to 8 form part of these financial statements.

TOWNGATE SPACE SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
31 May 2025
- 2 -

For the financial year ended 31 May 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 his 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 9 December 2025
Mr N Steen
Director
Company registration number 10750597 (England and Wales)
TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Towngate Space Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 16 Towngate East, Market Deeping, Peterborough, PE6 8DR.

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. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the agreed rent charge, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.3
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:

Leasehold improvements
Straight Line over 10 years
Plant and equipment
20% on Reducing Balance
Motor vehicles
20% on Reducing Balance

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.

1.4
Investment properties

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.

TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2024 and 31 May 2025
80,862
39,692
35,308
155,862
Depreciation and impairment
At 1 June 2024
8,690
663
589
9,942
Depreciation charged in the year
8,086
7,804
6,943
22,833
At 31 May 2025
16,776
8,467
7,532
32,775
Carrying amount
At 31 May 2025
64,086
31,225
27,776
123,087
At 31 May 2024
72,172
39,029
34,719
145,920
4
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
1,950,000

The director confirmed that the valuation carried out by Underwoods Chartered Surveyors of £1,950,000 is still appropriate based market evidence of transaction prices for similar properties.

Investment property with a fair value of £1,950,000 (202 4 - £1,95 0,000) have been pledged to secure borrowings of the company. The historical cost of the investment properties is £910,000.

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
200,000
-
0
TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 June 2024
-
Additions
200,000
At 31 May 2025
200,000
Carrying amount
At 31 May 2025
200,000
At 31 May 2024
-
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,855
2,000
Corporation tax recoverable
-
0
5,186
Amounts owed by group undertakings
237,925
39,000
Other debtors
50,976
14,818
Prepayments
2,288
1,694
293,044
62,698

Amounts due by group undertakings are interest free and repayable on demand.

7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
107,143
101,064
Trade creditors
5,490
180
Corporation tax
3,948
-
0
Other taxation and social security
676
-
0
Other creditors
470
5,146
Accruals
4,250
3,450
121,977
109,840
TOWNGATE SPACE SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
1,072,468
685,292
Creditors which fall due after five years are payable as follows:
Payable other than by instalments
1,072,468
685,292

The long-term loans are interest only and secured by fixed charges over all of the land and buildings owned by Towngate Space Solutions Ltd.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
15,000
51,000

11
Related party transactions
Transactions with related parties

In the year, Towngate Space Solutions Ltd charged £1 59,985 (2024 £135,530) to a company under common control by the director Neil Steen. The transactions were carried out at an arms length transaction at market value.

At the year end, Towngate Space Solutions Ltd is owed £237,925 (2024 £39,000) by company under common control by the same director. T he loan is interest free and repayable on demand.

During the year Neil Steen provided a personal guarantee of £50,000 to Barclays PLC, this will expire in October 2025.

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