Yourspace Projects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10758007 (England and Wales)

YOURSPACE PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C S Davey

REGISTERED OFFICE:

Churchgate House

3 Church Road

Whitchurch

Cardiff

SOUTH GLAMORGAN

CF14 2DX

REGISTERED NUMBER:

10758007 (England and Wales)

FIXED ASSETS

Tangible assets

4

29,037

36,649

CURRENT ASSETS

Stocks

109,750

172,500

Debtors

5

196,263

41,887

Cash at bank and in hand

90,560

42,600

396,573

256,987

CREDITORS

Amounts falling due within one year

6

207,411

175,808

NET CURRENT ASSETS

189,162

81,179

TOTAL ASSETS LESS CURRENT LIABILITIES

218,199

117,828

CREDITORS

Amounts falling due after more than one year

7

171,996

70,591

NET ASSETS

46,203

47,237

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

46,103

47,137

SHAREHOLDERS' FUNDS

46,203

47,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2022 and were signed by:

C S Davey - Director

1.	STATUTORY INFORMATION

Yourspace Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

The directors have considered the ongoing impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors have and continue to take a number of actions to financially safeguard the company and minimise the effects of the Covid 19.

At the date of approving the financial statements the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

Turnover

Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services:

Turnover represents the value of work done in the period, including estimate of amounts not invoiced net of VAT. Turnover in respect of long term contracts is recognised by reference to stage of completion.

The timing of income recognition for long term contracts is matched with the evaluation and completeness of work undertaken as detailed in the work in progress accounting policy

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

Work in progress

Is valued on the basis of direct costs. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the value of work in progress.

The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2021

1,873

64,170

3,863

69,906

Additions

-

-

2,259

2,259

At 31 May 2022

1,873

64,170

6,122

72,165

DEPRECIATION

At 1 June 2021

794

30,229

2,234

33,257

Charge for year

270

8,486

1,115

9,871

At 31 May 2022

1,064

38,715

3,349

43,128

NET BOOK VALUE

At 31 May 2022

809

25,455

2,773

29,037

At 31 May 2021

1,079

33,941

1,629

36,649

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2021

and 31 May 2022

59,670

DEPRECIATION

At 1 June 2021

27,152

Charge for year

8,130

At 31 May 2022

35,282

NET BOOK VALUE

At 31 May 2022

24,388

At 31 May 2021

32,518

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

160,784

20,169

Other debtors

33,558

4,298

Prepayments and accrued income

1,921

17,420

196,263

41,887

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

30,000

10,000

Hire purchase contracts (see note 8)

8,787

8,787

Trade creditors

69,582

43,623

Tax

4,948

5,375

Social security and other taxes

480

2,430

Other creditors

88,000

75,000

Directors' current accounts

4,623

27,745

Accruals and deferred income

991

2,848

207,411

175,808

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

150,417

40,000

Hire purchase contracts (see note 8)

21,579

30,591

171,996

70,591

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2022

2021

£

£

Net obligations repayable:

Within one year

8,787

8,787

Between one and five years

21,579

30,591

30,366

39,378

Non-cancellable

operating leases

2022

2021

£

£

Between one and five years

6,883

6,883

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

180,417

-

Hire purchase contracts

30,366

39,378

210,783

39,378

The bank loan has been secured personally by the Director. The hire purchase liabilities have been secured against the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1.00

100

100

11.

RESERVES

Retained

earnings

£

At 1 June 2021

47,137

Profit for the year

14,966

Dividends

(16,000

)

At 31 May 2022

46,103

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in creditors, amounts falling due within on year is an amount owed to the Director of £4,623 (2021 - £27,745).

All amounts due to the Directors are interest free and considered repayable on demand.

13.	RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year is an amount of £62,000 (2021 - £75,000) owed to SEEC Property Limited, a company under common control.

Included in creditors, amounts falling due within one year is an amount of £10,000 (2021 - £NIL) owed to Sevenstones Developments Limited, a company under common control.

Included in creditors, amounts falling due within one year is an amount of £16,000 (2021 - £NIL) owed to Kyona Holdings Limited, the parent company.

Included in current assets is an amount of £15,000 (2021 - £NIL) owed from Keelson Ltd, a company under common control.

All amounts owed to and from the company are interest free and repayable on demand.

During the year the company rendered services to the value of £61,575 (2021 - £346,913) to DMAC Property LLP for construction and property development services, a partnership where the director has a vested interest.

During the year the company incurred management fees costs of £10,000 (2021 - £NIL) for management services provided, from Sevenstones Developments Limited,

14.	ULTIMATE CONTROLLING PARTY

100% of the share capital of Yourspace Projects Limited is owned by its immediate parent company, Kyona Holdings Limited.

The company and group is ultimately controlled by C S Davey, who owns 100% of the share capital of Kyona Holdings Limited.