Space Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC195503 (Scotland)

SPACE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E McCudden

K M Clark

SECRETARY:

P E Houlihan

REGISTERED OFFICE:

8 Milverton Road

Giffnock

Glasgow

G46 7JN

REGISTERED NUMBER:

SC195503 (Scotland)

ACCOUNTANTS:

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

FIXED ASSETS

Tangible assets

4

139

244

Investment property

5

230,000

405,000

230,139

405,244

CURRENT ASSETS

Debtors

6

10,258

11,141

Cash at bank

21,388

20,451

31,646

31,592

CREDITORS

Amounts falling due within one year

7

5,268

6,910

NET CURRENT ASSETS

26,378

24,682

TOTAL ASSETS LESS CURRENT LIABILITIES

256,517

429,926

PROVISIONS FOR LIABILITIES

-

2,500

NET ASSETS

256,517

427,426

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

39,136

111,515

Retained earnings

216,381

314,911

SHAREHOLDERS' FUNDS

256,517

427,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 19 September 2018 and were signed on its behalf by:

K M Clark - Director

1.	STATUTORY INFORMATION

Space Properties Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover represents rental income for the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20% on cost

Investment property

Land and buildings are classified as investment property when the property is held to earn rentals or for capital appreciation

or both. Investment property is initially measured at cost which comprises purchase price and any directly attributable

expenditure, and subsequently remeasured to fair value at each reporting date with changes in fair value recognised in profit

or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

19,645

Disposals

(7,126

)

At 31 December 2017

12,519

DEPRECIATION

At 1 January 2017

19,401

Charge for year

76

Eliminated on disposal

(7,097

)

At 31 December 2017

12,380

NET BOOK VALUE

At 31 December 2017

139

At 31 December 2016

244

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

405,000

Disposals

(175,000

)

At 31 December 2017

230,000

NET BOOK VALUE

At 31 December 2017

230,000

At 31 December 2016

405,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

246

250

Director's loan account

7,808

8,687

Tax recoverable

2,204

2,204

10,258

11,141

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Taxation and social security

2,778

2,953

Other creditors

2,490

3,957

5,268

6,910

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2017 the company had provided interest free loans of £7,808 (2016, £8,687) to one of the company's

directors.This balance was repaid after the year end.