Spaceworks Properties Limited
Unaudited Financial Statements
For the year ended 31 March 2025
Pages for Filing with Registrar
Company Registration No. 11748966 (England and Wales)
Spaceworks Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Spaceworks Properties Limited
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
25,080,924
25,080,924
Current assets
Debtors
4
373,220
1,145,474
Cash at bank and in hand
126,054
34,470
499,274
1,179,944
Creditors: amounts falling due within one year
5
(928,195)
(1,276,263)
Net current liabilities
(428,921)
(96,319)
Total assets less current liabilities
24,652,003
24,984,605
Creditors: amounts falling due after more than one year
6
(42,087,987)
(38,573,118)
Net liabilities
(17,435,984)
(13,588,513)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(17,435,985)
(13,588,514)
Total equity
(17,435,984)
(13,588,513)
Spaceworks Properties Limited
Balance Sheet (Continued)
As at 31 March 2025
Page 2

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 members have 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.

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 13 March 2026
Osnat Golan
Director
Company Registration No. 11748966
Spaceworks Properties Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Page 3
1
Accounting policies
Company information

Spaceworks Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is CP House 97-107 Uxbridge Road, London, Ealing, England, W5 5TL.

1.1
Reporting period

The previous annual financial statements are presented for a period longer than one year from 1 February 2023 to 31 March 2024. Therefore, the comparative amounts are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.

1.3
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company will also continue to financially support the company over the next 12 months. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

1.5
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.

1.6
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.

Spaceworks Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 4
1.7
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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Spaceworks Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 5
2
Employees

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

2025
2024
Number
Number
Total
6
8
3
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
25,080,924

Investment property comprises Freehold Premises of £24,704,200 and Buildings of £376,724.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
97,729
959,077
Amounts owed by group undertakings
93,747
11,048
Other debtors
168,503
152,604
Prepayments and accrued income
13,241
22,745
373,220
1,145,474
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
0
173,010
Trade creditors
659,955
435,740
Taxation and social security
1,389
428,819
Other creditors
266,851
238,694
928,195
1,276,263
Spaceworks Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 6
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
8,173,010
Other creditors
42,087,987
30,400,108
42,087,987
38,573,118
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
8
Related party transactions

Included in debtors is an amount owed by St Peter Hosue Lettings Limited of £4,356 (2024:£nil), a related party.

Included in debtors is an amount owed by Malvern Holdings Ltd of £63,431 (2024:£11,048), a related party.

Included in debtors is an amount owed by Mulberry One Capital L td of £25,9 6 0 (2024:£49,9 03 owed to), a related party.

Included in creditors is an amount owed to Cattle Market Street Ltd of £186,526 (2024:£233,559), a related party.

Included in creditors is an amount owed to Hilldene Estates Ltd of £225,829 (2024:£216,944), a related party.

Included in creditors is an amount owed to Romany Place Ltd of £9,209,983 (2024:£817,923), a related party.

Included in creditors is an amount owed to Carlton Vale Ltd of £2,546 (2024:£6,366), a related party.

Included in creditors is an amount owed to Magdala Tavern Ltd of £422,522 (2024:£nil), a related party.

Included in creditors is an amount owed to Lisson Estates Ltd of £26,990 (2024:£21,827), a related party.

Included in creditors is an amount owed to Newriver Estates L td of £164,447 (2024:£147,013), a related party.

Included in creditors is an amount owed to Ocre of £34,151,084 (2024:£31,208,513), a related party.

Included in creditors is an amount owed by Kreo Holdings Ltd of £2,301,940 (2024:£2,301,940), a related party.

9
Parent company
Spaceworks Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
9
Parent company
(Continued)
Page 7

Kreo Holdings Limited is the parent company. The registered office of Kreo Holdings Limited is SmartCity Malta SCM01 Suite 502, Ricasoli, SCM 1001, Malta.

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