We Rent Space Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03794329 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

FOR

WE RENT SPACE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J J Ainscough

Mr K Lowe

SECRETARY:

Mr S P Smith

REGISTERED OFFICE:

Ainscough Business Park

Mossy Lea Road

Wrightington

Wigan

Lancashire

WN6 9RS

REGISTERED NUMBER:

03794329 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

The Royal Bank of Scotland plc

38 Market Place

Wigan

WN1 1PJ

FIXED ASSETS

Tangible assets

3

415

555

Investment property

4

2,377,173

2,377,173

2,377,588

2,377,728

CURRENT ASSETS

Debtors

5

41,995

49,084

Cash at bank

34,629

46,197

76,624

95,281

CREDITORS

Amounts falling due within one year

6

66,587

220,622

NET CURRENT ASSETS/(LIABILITIES)

10,037

(125,341

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,387,625

2,252,387

CREDITORS

Amounts falling due after more than one year

7

(94,535

)

-

PROVISIONS FOR LIABILITIES

9

(67,924

)

(75,462

)

NET ASSETS

2,225,166

2,176,925

CAPITAL AND RESERVES

Called up share capital

200

200

Other reserves

10

935,339

1,003,263

Retained earnings

10

1,289,627

1,173,462

SHAREHOLDERS' FUNDS

2,225,166

2,176,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 January 2019 and were signed on its behalf by:

Mr J J Ainscough - Director

1.	STATUTORY INFORMATION

We Rent Space 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents net rents and service charges receivable.

Tangible fixed assets

Tangible fixed assets are included at cost less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each

asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised

estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying

amount that would have been determined (net of depreciation) had no impairment loss been recognised for the

asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost

using effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad

and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate

and are payable within one year shall be measured at the undiscounted amount due.

Amounts due to and from related undertakings are repayable on demand and are measured at the undiscounted

amount due.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2017

and 30 April 2018

5,623

DEPRECIATION

At 1 May 2017

5,068

Charge for year

140

At 30 April 2018

5,208

NET BOOK VALUE

At 30 April 2018

415

At 30 April 2017

555

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2017

and 30 April 2018

2,377,173

NET BOOK VALUE

At 30 April 2018

2,377,173

At 30 April 2017

2,377,173

In the opinion of the directors, the fair value for the investment property at 30 April 2018 is not materially

different from that stated in these financial statements.

Fair value at 30 April 2018 is represented by:

£

Valuation in 2004

788,004

Valuation in 2011

215,259

Cost

1,373,910

2,377,173

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

35,446

47,417

Other debtors

6,549

1,667

41,995

49,084

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

9,393

109,834

Trade creditors

7,577

13,241

Taxation and social security

31,719

36,714

Other creditors

17,898

60,833

66,587

220,622

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

94,535

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

103,928

109,834

Bank loans are secured by way of a fixed and floating charge over the assets of the company.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

67,924

75,462

Deferred

tax

£

Balance at 1 May 2017

75,462

Credit to Income Statement during year

(7,538

)

Balance at 30 April 2018

67,924

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 May 2017

1,173,462

1,003,263

2,176,725

Profit for the year

120,441

-

120,441

Dividends

(72,200

)

-

(72,200

)

Reserves transfer

67,924

(67,924

)

-

At 30 April 2018

1,289,627

935,339

2,224,966

Other reserves relate to non distributable reserves being the revaluation surplus of investment properties.