Company No: 09877507 (England and Wales)

Contents

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

DIRECTOR	S K Bhunnoo
REGISTERED OFFICE	Kemp House
	152-160 City Road
	London
	England
	EC1V 2NX
	United Kingdom
COMPANY NUMBER	09877507(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 175 Long Lane Limited for the financial year ended 31 December 2020 which comprises the Balance Sheet and the related notes 1 to 6 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 175 Long Lane 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 175 Long Lane Limited. You consider that Spaces 175 Long Lane 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 175 Long Lane 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 Director of Spaces 175 Long Lane Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Spaces 175 Long Lane Limited and state those matters that we have agreed to state to the director of Spaces 175 Long Lane 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 175 Long Lane Limited and its Director 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	£		£
Current assets
Stocks		358,452		358,452
Debtors	3	0		125
		358,452		358,577
Creditors
Amounts falling due within one year	4	( 361,400)		( 361,025)
Net current liabilities		(2,948)		(2,448)
Total assets less current liabilities		(2,948)		(2,448)
Net liabilities		( 2,948)		( 2,448)
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		( 3,948 )		( 3,448 )
Total shareholders' deficit		( 2,948)		( 2,448)

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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 175 Long Lane Limited (registered number: 09877507) were approved and authorised for issue by the Director 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 175 Long Lane 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 175 Long Lane 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 director continues to monitor the impact of the virus on the business as more information about the pandemic emerges.

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £2,948 . The Company is supported through loans from shareholders. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the shareholders will continue to support the Company. After making enquiries, and given the insignificant level of costs incurred in this Company, the director believes that any foreseeable debts can be met 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Stocks represent investment properties held for resale. Borrowing costs associated with refinancing of stocks are capitalised.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including director	1		1

3. Debtors

	2020		2019
	£		£
Amounts owed by associates	0		125

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

4. Creditors: amounts falling due within one year

	2020		2019
	£		£
Amounts owed to associates	76,875		76,500
Other creditors	284,525		284,525
	361,400		361,025

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

The amounts included above in amounts owed to associates and other creditors have been classified as due in less than one year, reflecting the nature of the loans. The director does 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.

5. Related party transactions

No remuneration was paid to the director in the year nor in 2019. The director is the only key management personnel of the company.

Included within amounts owed to associates is an unsecured amount of £375 (2019: amounts owed by associates £125) owed to Spaces Property Group Limited, a minority shareholder of the company. This amount is interest-free and repayable on demand.

Included within amounts owed to associates is an unsecured loan of £76,500 (2019: £76,500) owed to Spaces Property Group Limited, a minority shareholder of the company. This loan is interest-free and repayable on demand.

Included within other creditors is an unsecured loan of £74,875 (2019: £74,875) owed to K Kainth, a minority shareholder of the company. This loan is interest-free and repayable on demand.

Included within other creditors is an unsecured loan of £74,875 (2019: £74,875) owed to Z Bhunnoo, who is the director and shareholder of Spaces ZB Portfolio Limited, a minority shareholder of the company. This loan is interest-free and repayable on demand.

Included within other creditors is an unsecured loan of £59,900 (2019: £59,900) owed to Metacapital Ltd, a minority shareholder of the company. This loan is interest-free and repayable on demand.

Included within other creditors is an unsecured loan of £74,875 (2019: £74,875) owed to M Williams, a minority shareholder of the company. This loan is interest-free and repayable on demand.

6. Ultimate controlling party

There is no ultimate controlling party.