Company No: 10092985 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	S K Bhunnoo
	N-U-Z Bhunnoo
REGISTERED OFFICE	Kemp House
	152-160 City Road
	London
	England
	EC1V 2NX
	United Kingdom
COMPANY NUMBER	10092985(England and Wales)
ACCOUNTANT	Deloitte LLP
	1 New Street Square
	London
	EC4A 3HQ
	United Kingdom

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spaces NB Investors Limited for the financial year ended 31 December 2020 which comprises the Balance Sheet and the related notes 1 to 7 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Spaces NB Investors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Spaces NB Investors Limited. You consider that Spaces NB Investors Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Spaces NB Investors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Spaces NB Investors Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Spaces NB Investors Limited and state those matters that we have agreed to state to the Board of Directors of Spaces NB Investors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spaces NB Investors Limited and its Board of Directors as a body for our work or for this report.

Deloitte LLP
Accountant

1 New Street Square
London
EC4A 3HQ
United Kingdom

29 September 2021

		2020		2019
	Note	£		£
Fixed assets
Investments	3	1		1
		1		1
Current assets
Debtors	4	324,744		324,744
		324,744		324,744
Creditors
Amounts falling due within one year	5	( 325,244)		( 324,744)
Net current liabilities		(500)		0
Total assets less current liabilities		(499)		1
Net (liabilities)/assets		( 499)		1
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 500 )		0
Total shareholders' (deficit)/funds		( 499)		1

For the financial year ending 31 December 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Spaces NB Investors Limited (registered number: 10092985) were approved and authorised for issue by the Board of Directors on 29 September 2021. They were signed on its behalf by:

S K Bhunnoo Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Spaces NB Investors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kemp House, 152-160 City Road, London, England, EC1V 2NX, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Spaces NB Investors Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The rapid spreading of COVID-19 has continued to be a significant risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges.

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company incurs minimal committed costs and is supported by loans from the Group and external investors. The directors are satisfied that these loans will not be re-called for payment within 12 months of the date of the signing of the financial statements, unless the Company has sufficient funds to do so. Based on this the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

Investments in subsidiaries

	2020
	£
Cost
At 01 January 2020	1
At 31 December 2020	1
Carrying value at 31 December 2020	1
Carrying value at 31 December 2019	1

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.12.2020	Ownership 31.12.2019
Spaces Newington Butts Limited	Kemp House, 152-160 City Road, London, England, EC1V 2NX	Buying and selling of own real estate	Ordinary	100.00%	100.00%

4. Debtors

	2020		2019
	£		£
Amounts owed by Group undertakings	324,744		324,744

Amounts owed by Group undertakings are unsecured, interest-free and repayable on demand.

5. Creditors: amounts falling due within one year

	2020		2019
	£		£
Amounts owed to Parent undertakings	52,007		51,507
Amounts owed to associates	22,074		22,074
Other creditors	251,163		251,163
	325,244		324,744

Amounts owed to Parent undertakings and amounts owed to associates are unsecured, interest-free and repayable on demand.

The amounts owed to associates have been classified as due in less than one year reflecting the nature of the loans. The directors do not expect the loans to be repaid within twelve months of the financial statements being signed unless the Company has sufficient funds to do so.

6. Related party transactions

The Company has taken advantage of the exemption under FRS 102 not to provide information on related party transactions with wholly owned companies within the Group headed by the Company.

Remuneration was paid to the directors of £Nil (2019: £Nil). The directors are the only key management personnel of this company.

Included in amounts owed to parent undertakings is a loan of £52,007 (2019: £51,507) owed to Spaces Property Group Limited, the majority shareholder of the company. The loan is unsecured, interest-free and is repayable on demand.

Included in amounts owed to associates is a loan of £22,074 (2019: £22,074) owed to Spaces ZB Portfolio Limited, the minority shareholder of the company. The loan is unsecured, interest-free and is repayable on demand.

7. Ultimate controlling party

S K Bhunnoo is the ultimate controlling party by virtue of his majority shareholding in the share capital of Spaces Property Group Limited.

Spaces Property Group Limited, which is registered in England and Wales, at Kemp House, 152-160 City Road, London, England, EC1V 2NX, United Kingdom, is the Company's immediate and ultimate parent company.