Company Registration No. 03117016 (England and Wales)
TRANSPACE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
TRANSPACE LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
TRANSPACE LTD
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
3,545,000
3,545,000
Current assets
Debtors
5
1,108,234
1,011,376
Cash at bank and in hand
18,300
23,139
1,126,534
1,034,515
Creditors: amounts falling due within one year
6
(179,617)
(168,081)
Net current assets
946,917
866,434
Total assets less current liabilities
4,491,917
4,411,434
Creditors: amounts falling due after more than one year
7
(1,158,434)
(1,158,434)
Provisions for liabilities
(546,458)
(546,458)
Net assets
2,787,025
2,706,542
Capital and reserves
Called up share capital
8
100
100
Other reserves
2,688,278
2,688,278
Profit and loss reserves
98,647
18,164
Total equity
2,787,025
2,706,542
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRANSPACE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 December 2021 and are signed on its behalf by:
Mr J Calvert
Director
Company Registration No. 03117016
TRANSPACE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2019
100
2,343,278
162,594
2,505,972
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
(6,030)
(6,030)
Dividends
-
-
(138,400)
(138,400)
Transfers
-
345,000
345,000
Balance at 31 March 2020
100
2,688,278
18,164
2,706,542
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
80,483
80,483
Balance at 31 March 2021
100
2,688,278
98,647
2,787,025
TRANSPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Transpace Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the
rent
received or receivable in the normal course of business.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
TRANSPACE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
related
companies that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
The accounting policy in respect of deferred tax reflects the requirements of FRS19 - Deferred tax. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
TRANSPACE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key area of judgement and source of estimation uncertainty is the valuation of investment properties. The Directors rely on the Managing Agents of the properties who exercise a significant amount of judgement when valuing the investment properties annually and use their extensive knowledge of the property market and trends in this area to do so.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2020 - 2).
4
Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021
3,545,000
Investment property comprises freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,911
Other debtors
1,104,323
1,003,520
Prepayments and accrued income
7,856
1,108,234
1,011,376
TRANSPACE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Debtors
(Continued)
- 7 -
Debtors includes loans from related parties Silverdown Ltd and Whisky Records Ltd as detailed in the Related Parties Note to the accounts. These loans are interest free and repayable on demand.
In 2020 the company refinanced the bank borrowings for both itself and related party, Silverdown Ltd with Barclays Bank Plc. The Loan to Silverdown Limited totals £970,859 (2020 - £870,055). Silverdown Limited is paying monthly interest instalments of £1,600 to Transpace Limited in respect of its portion of the loan from Barclays Bank Plc.
An interest free loan has been granted to related party Whisky Records Limited of £107,939 (2020 - £107,939). Whisky Records Ltd would be not be a going concern without this loan. The loan has been made for commercial reasons due to synergies between the two companies in relation to the development of music industry projects.
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,385
3,314
Corporation tax
19,773
25,252
Other creditors
155,459
139,515
179,617
168,081
The company's bank borrowings are secured by a fixed and floating debenture over it's investment property.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,158,434
1,158,434
The company's bank and building society borrowings are secured by fixed and floating debenture over it's property.
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
99
99
99
99
'B' Ordinary shares of £1 each
1
1
1
1
100
100
100
100
TRANSPACE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
In 2020 the company refinanced the bank borrowings for both itself and related party, Silverdown Ltd with Barclays Bank Plc. The Loan to Silverdown Limited totals £970,859 (2020 - £870,055). Silverdown Limited is paying monthly interest instalments of £1,600 to Transpace Limited in respect of its portion of the loan from Barclays Bank Plc.
An interest free loan has been granted to related party Whisky Records Limited of £107,939 (2020 - £107,939). Whisky Records Ltd would be not be a going concern without this loan. The loan has been made for commercial reasons due to synergies between the two companies in relation to the development of music industry projects.