Wallacespace Limited - Period Ending 2025-06-30

Registration number: 02792054

Wallacespace Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2025

Wallacespace Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4 to 5
Statement of Directors' Responsibilities	6
Independent Auditor's Report	7 to 10
Income Statement	11
Statement of Financial Position	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 to 27

Wallacespace Limited

Company Information

Directors

R Wallace

R Gilmore Kerr

Registered office

22 Duke's Road
London
WC1H 9PN

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory AuditorSalatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Wallacespace Limited

Strategic Report for the Year Ended 30 June 2025

The directors present their strategic report on the affairs of Wallacespace Limited for the year ended 30 June 2025.

Fair review of the business

The company's principal activity during the year continued to be the provision of off-site meeting space for training, seminars and workshops in London.

Until the COVID-19 pandemic hit, turnover and profits had grown each year as the business continued to expand. The success of Wallacespace is due to the quality of the service and the team delivering it.

COVID-19 had a significant impact on cash flow and liquidity of the business, but with improved trading and return to profitability, together with the company's ability to adapt to its existing and new clients changing needs, the directors are of the opinion, that this will provide Wallacespace with new business opportunities.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Turnover	£	10,288,192	10,452,600
Operating Profit	£	78,319	292,127
Profit before tax	£	58,162	341,637
Average number of employees	number	129	135

Principal risks and uncertainties

• Liquidity and cash flow
At the time of approval of these financial statements there are ongoing risks and uncertainty surrounding the legacy of COVID-19 on the liquidity and cash flow of the business. The directors have considered these risks and have taken appropriate steps to minimise the impact.

• Competitive risks
There are a number of other providers of meeting and seminar space in London. In order to compete the company is reliant on the quality of its service and its delivery.

• Pricing levels
Pricing remains competitive and generally more stable with established relationships built up with long standing clients and repeat business.

• Legislative risks
The effect on the business of legislative changes are constantly under review to ensure that the company complies with its obligations.

Wallacespace Limited

Strategic Report for the Year Ended 30 June 2025 (continued)

Future developments

Business expansion and improvement of services provided will continue to be a focus for the company going forward, with quality being the central platform. The directors will continue to evaluate potential non residential and residential sites for expansion in both London and other business area in the UK, as demand dictates.

Approved and authorised by the Board on 21 April 2026 and signed on its behalf by:

.........................................
R Wallace
Director

Wallacespace Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Principal activity

The principal activity of the company is the provision of training, meeting and seminar space for rent in London

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

R Wallace

R Gilmore Kerr

Dividends

The directors have not recommend the payment of a dividend in respect of the financial year ended 30 June 2025 (2024: £Nil).

Employee involvement

The company’s philosophy is to encourage all of its employees to contribute to improving the business’s performance through the utilisation of their knowledge, experience and ideas. Communication with the employees individually is achieved through information bulletins, team briefings and regular management contact.

Going concern

Whilst the company's revenue for the year is slightly down on that of the previous year, it is at a level equal to 93% of pre pandemic revenue. This, coupled with close monitoring of costs and a more incentives and results driven staff costs approach, has resulted in the company's second profitable year since the pandemic hit.

The directors have prepared cash flow forecasts, which include estimates showing a continued gradual increase in revenue, which will lead to increased profitability in future years.

Although the directors continue to take action to mitigate the impact of reduced working capital, and the cash flow forecasts show a more optimistic future, there are significant uncertainties regarding the speed of recovery of the business to pre-pandemic levels. These events and conditions, including assumptions on the continued return of business, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.

These financial statements do not reflect the adjustments or reclassification of assets and liabilities, which would be necessary if the Company were unable to continue its operations.

Information included in the Strategic Report

In accordance with s. 414C(11) of the Companies Act 2006, the company has chosen to include certain information in the strategic report as follows:
• Review of business and future development;
• Principal risks and uncertainties;

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Wallacespace Limited

Directors' Report for the Year Ended 30 June 2025 (continued)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 21 April 2026 and signed on its behalf by:

.........................................
R Wallace
Director

Wallacespace Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Wallacespace Limited

Independent Auditor's Report to the Members of
Wallacespace Limited

Opinion

We have audited the financial statements of Wallacespace Limited (the 'company') for the year ended 30 June 2025, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - Material uncertainty relating to going concern
We draw attention to Note 2 in the financial statements, that indicates that the Company has prepared cash flow forecasts as part of its going concern assessment, which include assumptions regarding a
continued return of business to pre-pandemic levels. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Wallacespace Limited

Independent Auditor's Report to the Members of
Wallacespace Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Wallacespace Limited

Independent Auditor's Report to the Members of
Wallacespace Limited (continued)

The extent to which the audit was considered capable of detecting irregularities including fraud

	Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•	the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	through discussions with the directors and other management and from our commercial knowledge and experience of the business, we identified the laws and regulations applicable to the company; and
•	focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2003, the Equality Act 2010, General Data Protection Rules (GDPR), taxation legislation, employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018. We assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
	We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.
	We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
	To address the risk of fraud through management bias and override of controls, we:
•	performed analytical procedures to identify any unusual or unexpected relationships;
•	reviewed journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.
	In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•	agreeing financial statement disclosures to underlying supporting documentation;
•	reading the minutes of meetings of those charged with governance;
•	enquiring of management as to actual and potential litigation and claims; and
•	reviewing any correspondence with HMRC, relevant regulators and the company’s legal advisors.

Wallacespace Limited

Independent Auditor's Report to the Members of
Wallacespace Limited (continued)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

22 April 2026

Wallacespace Limited

Income Statement
for the Year Ended 30 June 2025

Note

2025
£

2024
£

Revenue

3

10,288,192

10,452,600

Cost of sales

(7,147,317)

(6,703,368)

Gross profit

3,140,875

3,749,232

Sales and marketing costs

(1,634,652)

(2,021,831)

Administrative expenses

(1,427,904)

(1,435,274)

Operating profit

4

78,319

292,127

Other interest receivable and similar income

5

17,645

117,503

Interest payable and similar expenses

6

(37,802)

(67,993)

Profit before tax

58,162

341,637

Tax on profit

10

(40,450)

(163,803)

Profit for the financial year

17,712

177,834

Wallacespace Limited

(Registration number: 02792054)
Statement of Financial Position as at 30 June 2025

Note

2025
£

2024
£

Non current assets

Property, plant and equipment

11

1,093,143

1,160,360

Current assets

Receivables

12

3,291,836

3,054,429

Cash at bank and in hand

997,182

2,060,464

4,289,018

5,114,893

Payables: Amounts falling due within one year

14

(2,609,326)

(3,022,163)

Net current assets

1,679,692

2,092,730

Total assets less current liabilities

2,772,835

3,253,090

Payables: Amounts falling due after more than one year

14

(1,958,995)

(2,488,501)

Provisions for liabilities

16

(1,407,687)

(1,483,220)

Net liabilities

(593,847)

(718,631)

Equity

Called up share capital

10,000

10,000

Other reserves

240,912

133,840

Retained earnings

(844,759)

(862,471)

Shareholders' deficit

(593,847)

(718,631)

The financial statements of Wallacespace Limited were approved and authorised for issue by the Board on 21 April 2026 and signed on its behalf by:

.........................................

R Wallace
Director

Wallacespace Limited

Statement of Changes in Equity
for the Year Ended 30 June 2025

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2023

10,000

26,768

(1,040,305)

(1,003,537)

Profit for the year

-

-

177,834

177,834

Share based payment transactions

-

107,072

-

107,072

At 30 June 2024

10,000

133,840

(862,471)

(718,631)

Share capital
£

Share based payments reserve
£

Retained earnings
£

Total
£

At 1 July 2024

10,000

133,840

(862,471)

(718,631)

Profit for the year

-

-

17,712

17,712

Share based payment transactions

-

107,072

-

107,072

At 30 June 2025

10,000

240,912

(844,759)

(593,847)

Wallacespace Limited

Statement of Cash Flows
for the Year Ended 30 June 2025

Note

2025
£

2024
£

Cash flows from operating activities

Profit for the year

17,712

177,834

Adjustments to cash flows from non-cash items

Depreciation and amortisation

4

188,029

220,936

Finance income

5

(17,645)

(117,503)

Finance costs

6

37,802

67,993

Share based payment transactions

107,072

107,072

Income tax expense

10

40,450

163,803

373,420

620,135

Working capital adjustments

(Increase)/decrease in trade and other receivables

12

(277,857)

172,314

Decrease in trade and other payables

14

(126,918)

(1,180,467)

(Decrease)/increase in provisions

16

(75,533)

3,447

(Decrease)/increase in deferred income, including government grants

(350,936)

31,075

Cash generated from operations

(457,824)

(353,496)

Income taxes paid

10

(204)

-

Net cash flow from operating activities

(458,028)

(353,496)

Cash flows from investing activities

Interest received

5

17,645

117,503

Acquisitions of property, plant and equipment

(120,812)

(321,592)

Net cash flows from investing activities

(103,167)

(204,089)

Cash flows from financing activities

Interest paid

6

(37,802)

(67,993)

Repayment of bank borrowing

(464,285)

(392,858)

Net cash flows from financing activities

(502,087)

(460,851)

Net decrease in cash and cash equivalents

(1,063,282)

(1,018,436)

Cash and cash equivalents at 1 July

2,060,464

3,078,900

Cash and cash equivalents at 30 June

997,182

2,060,464

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025

1	General information

Wallacespace Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

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.

Going concern

Whilst the company's revenue for the year is slightly down on that of the previous year, it is at a level equal to 93% of pre pandemic revenue. This, coupled with close monitoring of costs and a more incentives and results driven staff costs approach, has resulted in the company's second profitable year since the pandemic hit.

The directors have prepared cash flow forecasts, which include estimates showing a continued gradual increase in revenue, which will lead to increased profitability in future years.

Although the directors continue to take action to mitigate the impact of reduced working capital, and the cash flow forecasts show a more optimistic future, there are significant uncertainties regarding the speed of recovery of the business to pre-pandemic levels. These events and conditions, including assumptions on the continued return of business, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.

These financial statements do not reflect the adjustments or reclassification of assets and liabilities, which would be necessary if the Company were unable to continue its operations.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

Basis of preparation

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

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have had the most significant effect on amounts recognised in the financial statements.

The company makes provision for depreciation of property plant and equipment; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based on a variety of factors which may be uncertain.

Key sources of estimation uncertainty

(i) Provisions
Provisions have been made for leasehold property dilapidations. These provisions are based on assessments made by a firm of professional building consultants. The provisions are estimates and the actual costs and timing of future cash flows are dependent on future events. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Details of provisions are set out in note 16.

(ii) Property, plant and equipment
The company establishes a reliable estimate of the useful life of property, plant and equipment; this estimate is based on a variety of factors which may be uncertain. The carrying amount is £1,093,143 (2024 - £1,160,360).

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of training, meeting and seminar space for rent, in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	Over the lease term
Plant and machinery	20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and is subject to insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of 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 receivables.

Payables

Payables 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.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the Statement of Income and Retained Earnings in the period in which they become payable.

Share based payments

All share based payments are recognised in the financial statements.

All goods and services received in exchange for the grant of any share-based remuneration are measured at their fair values. Fair values of employee services are determined indirectly by reference to the fair value of the share options awarded. Their value is appraised at the grant dates and excludes the impact of non-market vesting conditions.

All share-based remuneration is ultimately recognised as an expense in the profit and loss account with a corresponding credit to the "share option reserve" (other reserves) in the balance sheet.

If vesting periods apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior periods if the number of share options ultimately exercised is different to that estimated on vesting. Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

2	Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Revenue

In the opinion of the directors, the company's revenue, profit before taxation and net assets are attributable to the company's one principal business in the United Kingdom only and not attributable to classes of business or geographical segments which differ substantially from each other. Consequently, no segmental information has been presented. Turnover derive wholly from the provision of training, meeting and seminar space for rent in London.

4	Operating profit

Arrived at after charging

	2025 £	2024 £
Depreciation expense	188,029	220,936

5	Interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	17,645	117,503

6	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	37,802	67,993

7	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	3,412,309	3,498,142
Social security costs	344,558	335,279
Pension costs, defined contribution scheme	126,896	128,339
	3,883,763	3,961,760

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

7	Staff costs (continued)

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Operations	66	70
Administration and support	22	22
Sales	41	43
	129	135

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	320,000	320,000

In respect of the highest paid director:

	2025 £	2024 £
Remuneration	160,000	160,000

9	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	7,000	7,000

10

Taxation

Tax charged (credited) in the income statement

	2025 £	2024 £
Deferred taxation
Arising from origination and reversal of timing differences	40,450	163,803

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

10	Taxation (continued)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	58,162	341,637
Corporation tax at standard rate	14,541	85,409
Effect of expense not deductible in determining tax loss	25,909	78,394
Total tax charge	40,450	163,803

Deferred tax

Deferred tax assets and liabilities

2025	Asset £
Accelerated capital allowances	(251,557)
Share based payments	60,228
Provision	321,922
Accrued liabilities	2,567
Tax losses carried forward	729,895
	863,055

2024	Asset £
Accelerated capital allowances	(265,209)
Share based payments	33,460
Provision	333,305
Accrued liabilities	2,705
Tax losses carried forward	799,244
	903,505

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

11	Property, plant and equipment

Leasehold buildings
£

Furniture, fittings and equipment
£

Total
£

Cost

At 1 July 2024

3,542,274

1,100,052

4,642,326

Additions

26,447

94,365

120,812

At 30 June 2025

3,568,721

1,194,417

4,763,138

Depreciation

At 1 July 2024

2,480,493

1,001,473

3,481,966

Charge for the year

137,304

50,725

188,029

At 30 June 2025

2,617,797

1,052,198

3,669,995

Carrying amount

At 30 June 2025

950,924

142,219

1,093,143

At 30 June 2024

1,061,781

98,579

1,160,360

12

Receivables

Current

Note

2025
£

2024
£

Trade receivables

890,556

780,146

Other receivables

58,940

57,322

Directors' loan accounts

1,443

2,498

Deferred tax asset

10

863,055

903,505

Prepayments

1,477,842

1,310,958

3,291,836

3,054,429

13

Cash and cash equivalents

2025
£

2024
£

Cash at bank

997,182

2,060,464

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

14

Payables

	2025 £	2024 £
Due within one year
Bank Loan	178,571	464,286
Trade payables	1,310,663	1,196,623
Corporation tax	-	204
Social security and other taxes	377,946	473,585
Outstanding defined contribution pension costs	18,388	19,158
Other payables	8,995	8,742
Accruals	714,763	859,565
	2,609,326	3,022,163
Due after one year
Bank loan	-	178,570
Deferred income	1,958,995	2,309,931
	1,958,995	2,488,501

Deferred income represents rent free period incentives, spread over the terms of the respective property leases.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

15	Loans and borrowings

	2025 £	2024 £
Non-current loans and borrowings
Coronavirus Business Interruption Loan Scheme (CBIL)	-	178,570

2025
£

2024
£

Current loans and borrowings

Coronavirus Business Interruption Loan Scheme (CBIL)

178,571

464,286

The secretary of state, has provided a limited guarantee to the company's bank, in respect of the Coronavirus business interruption loan, to the value of £1,200,000.

Barclays Bank Plc, hold a fixed and floating charge, over all the company's property and undertaking, as security over monies due or becoming due to the bank.

Barclays Bank Plc also hold a fixed charge over the company's credit bank balances as security over any monies due or becoming due to the bank.

16	Provisions for liabilities

	Dilapidations provisions £
At 1 July 2024	1,483,220
decrease in existing provisions	(78,000)
Increase due to passage of time or unwinding of discount	2,467
At 30 June 2025	1,407,687

Dilapidations

Provision has been made for dilapidations, as assessed by a firm of professional building consultants in respect of the company's leasehold properties.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

17	Share capital and reserves

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000

Reserves
The company has one class of share capital which carries no right to fixed income.

Retained earnings
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Other reserves
Other reserves represent the total carrying amount of the liabilities arising from share-based payments at the end of the year.

18	Share-based payments

Enterprise Management Incentive

Scheme details and movements

In 2023 the company granted share options to its employees. The validity of the option is for 10 years beginning 05/04/2023 and the time period before the option is exercised is estimated to be 5 years of which 33 months were remaining at 30/06/2025.

The option entitled the employees to purchase shares in the company at the fair value on the date of grant. The fair value was calculated to be £267.68 per share option based on 75% estimated volatility. The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model, on the "Earnings" basis. This is seen as the most representative method to measure the reflection of the value it is perceived will flow from ownership of a share.

The movements in the number of share options during the year were as follows:

	2025 Number	2024 Number
Outstanding, start of period	2,000	2,000
Outstanding, end of period	2,000	2,000

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

18	Share-based payments (continued)

The movements in the weighted average exercise price of share options during the year were as follows:

	2025 £	2024 £
Outstanding, start of period	454.00	454.00
Outstanding, end of period	454.00	454.00

Effect of share-based payments on profit or loss and financial position

The total expense recognised in profit or loss for the year was £107,072 (2024 - £107,072).

The total carrying amount of the liabilities arising from share-based payments at the end of the year was £240,912 (2024 - £133,840).

19	Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	2,746,148	2,746,148
Later than one year and not later than five years	10,677,555	10,984,592
Later than five years	4,346,898	6,784,628
	17,770,601	20,515,368

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,395,033 (2024 - £1,887,485).

20	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £126,896 (2024 - £128,339).

Contributions totalling £18,388 (2024 - £19,158) were payable to the scheme at the end of the year and are included in payables.

Wallacespace Limited

Notes to the Financial Statements
for the Year Ended 30 June 2025 (continued)

21	Related party transactions

Summary of transactions with other related parties

At 30 June 2025 Renata Wallace and Roy Gilmore Kerr owed the company £721.50 each (2024: Roy Gilmore Kerr and Renata Wallace owed the company £1,249 each). The loans are subject to interest at commercial rates, and have no fixed repayment date or repayment schedule.

22

Control

The ultimate controlling parties are R Wallace and R Gilmore Kerr.

23	Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

	Note	2025 £	2024 £
Revenue	3	10,288,192	10,452,600
Cost of sales		(7,147,317)	(6,703,368)
Gross profit		3,140,875	3,749,232
Sales and marketing costs		(1,634,652)	(2,021,831)
Administrative expenses		(1,427,904)	(1,435,274)
Operating profit	4	78,319	292,127
Other interest receivable and similar income	5	17,645	117,503
Interest payable and similar expenses	6	(37,802)	(67,993)
Profit before tax		58,162	341,637
Tax on profit	10	(40,450)	(163,803)
Profit for the financial year		17,712	177,834

	Share capital £	Other reserves £	Retained earnings £	Total £
At 1 July 2023	10,000	26,768	(1,040,305)	(1,003,537)
Profit for the year	-	-	177,834	177,834
Share based payment transactions	-	107,072	-	107,072
At 30 June 2024	10,000	133,840	(862,471)	(718,631)

	Share capital £	Share based payments reserve £	Retained earnings £	Total £
At 1 July 2024	10,000	133,840	(862,471)	(718,631)
Profit for the year	-	-	17,712	17,712
Share based payment transactions	-	107,072	-	107,072
At 30 June 2025	10,000	240,912	(844,759)	(593,847)

	Leasehold buildings £	Furniture, fittings and equipment £	Total £
Cost
At 1 July 2024	3,542,274	1,100,052	4,642,326
Additions	26,447	94,365	120,812
At 30 June 2025	3,568,721	1,194,417	4,763,138
Depreciation
At 1 July 2024	2,480,493	1,001,473	3,481,966
Charge for the year	137,304	50,725	188,029
At 30 June 2025	2,617,797	1,052,198	3,669,995
Carrying amount
At 30 June 2025	950,924	142,219	1,093,143
At 30 June 2024	1,061,781	98,579	1,160,360

Current	Note	2025 £	2024 £
Trade receivables		890,556	780,146
Other receivables		58,940	57,322
Directors' loan accounts		1,443	2,498
Deferred tax asset	10	863,055	903,505
Prepayments		1,477,842	1,310,958
		3,291,836	3,054,429

	2025 £	2024 £
Current loans and borrowings
Coronavirus Business Interruption Loan Scheme (CBIL)	178,571	464,286