ACCOUNTS - Final Accounts

MORESPACE BASEMENTS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falseNo description of principal activity2022-04-0122truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08091181 2022-04-01 2023-03-31 08091181 2021-04-01 2022-03-31 08091181 2023-03-31 08091181 2022-03-31 08091181 c:Director1 2022-04-01 2023-03-31 08091181 d:MotorVehicles 2022-04-01 2023-03-31 08091181 d:MotorVehicles 2023-03-31 08091181 d:MotorVehicles 2022-03-31 08091181 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08091181 d:CurrentFinancialInstruments 2023-03-31 08091181 d:CurrentFinancialInstruments 2022-03-31 08091181 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08091181 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08091181 d:ShareCapital 2023-03-31 08091181 d:ShareCapital 2022-03-31 08091181 d:RetainedEarningsAccumulatedLosses 2023-03-31 08091181 d:RetainedEarningsAccumulatedLosses 2022-03-31 08091181 c:FRS102 2022-04-01 2023-03-31 08091181 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08091181 c:FullAccounts 2022-04-01 2023-03-31 08091181 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08091181 d:OtherDeferredTax 2023-03-31 08091181 d:OtherDeferredTax 2022-03-31 08091181 2 2022-04-01 2023-03-31 08091181 7 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08091181

MORESPACE BASEMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

MORESPACE BASEMENTS LIMITED

REGISTERED NUMBER: 08091181

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	5		1,679		2,239
			1,679		2,239
Current assets
Debtors: amounts falling due within one year	6	164,147		129,419
Cash at bank and in hand		81,532		1,191
		245,679		130,610
Creditors: amounts falling due within one year	7	(216,910)		(111,985)
Net current assets			28,769		18,625
Total assets less current liabilities			30,448		20,864

Net assets			30,448		20,864

Capital and reserves
Called up share capital	200	200
Profit and loss account	30,248	20,664
	30,448	20,864

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2023.

A Newman

Director

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MORESPACE BASEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Morespace Basements Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS. The address of the principal place of business is 112 Gunnersbury Avenue, Ealing, London, W5 4HB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Architectural and project management services
The company provides architectural and project management services for basement conversions and extensions to residential property. Revenue is recognised at the point at which the Company receives the consideration due under the contract. At the reporting date, revenue is accrued for works completed but not yet invoiced.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of Income and Retained Earnings.

2.4

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.

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MORESPACE BASEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

2.6

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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MORESPACE BASEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.10

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting 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.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

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MORESPACE BASEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 April 2022	29,850
	At 31 March 2023	29,850
	Depreciation
	At 1 April 2022	27,611
	Charge for the year on owned assets	560
	At 31 March 2023	28,171
	Net book value
	At 31 March 2023	1,679
	At 31 March 2022	2,239

Debtors

					2023	2022
					£	£


Other debtors	75,806	77,013
Prepayments and accrued income	88,341	48,000
Deferred taxation	-	4,406
	164,147	129,419

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	998	1,857
Other taxation and social security	8,415	5,032
Other creditors	203,297	102,096
Accruals and deferred income	4,200	3,000
	216,910	111,985

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MORESPACE BASEMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8.	Deferred taxation

		2023
		£

	At beginning of year	4,406
	Charged to profit or loss	(4,406)
	At end of year	-

The deferred tax asset is made up as follows:
	2023	2022
	£	£

Depreciation in excess of capital allowances

4,406

Related party transactions

At the reporting date the company was owed £70,711 (2022: £70,711) by Lubber Limited, a company under the control of Mr A Newman, a director, which is included in other debtors. The amount is not subject to interest and is repayable on demand.
During the year, the company made sales totalling £64,000 (2022: £24,000) to Loft Rooms.co.uk Limited, a company under the control of Mr A Newman. At the reporting date, amounts totalling £88,000 (2022: £48,000) were included in accrued income and £203,040 (2022: £101,840) were included in other creditors. The amounts were not subject to interest and are repayable on demand.
During the year the company paid rent of £14,400 (2022: £nil) to Mr A Newman.
The company has not entered into any other transactions during the year with related parties that are material and that have not been concluded under normal market conditions.

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