Company Registration No. 03366859 (England and Wales)
Spaced Out Limited
Unaudited accounts
for the year ended 31 May 2017
Spaced Out Limited
Unaudited accounts
Contents
Spaced Out Limited
Company Information
for the year ended 31 May 2017
Directors
James Engel
Adreana Scott
Leon Scott-Engel
Company Number
03366859 (England and Wales)
Registered Office
46 Penton Street
London
N1 9QA
Accountants
Leapman Weiss
Building 6
30 Friern Park
London
N12 9DA
Spaced Out Limited
Statement of financial position
as at
31 May 2017
Tangible assets
185,153
3,632
Cash at bank and in hand
222
(4,555)
Creditors: amounts falling due within one year
(283,158)
(77,702)
Net current liabilities
(213,806)
(24,959)
Net liabilities
(28,653)
(21,327)
Profit and loss account
(28,653)
(21,327)
Shareholders' funds
(28,653)
(21,327)
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 22 May 2018.
James Engel
Director
Company Registration No. 03366859
Spaced Out Limited
Notes to the Accounts
for the year ended 31 May 2017
Spaced Out Limited is a private company, limited by shares, registered in England and Wales, registration number 03366859. The registered office is 46 Penton Street, London, N1 9QA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight line
Fixtures & fittings
20% Straight line
The accounts have been prepared on a going concern basis which assumes the continued support of the director/shareholder.
Spaced Out Limited
Notes to the Accounts
for the year ended 31 May 2017
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 June 2016
-
62,694
62,694
Additions
180,000
5,968
185,968
At 31 May 2017
180,000
68,662
248,662
At 1 June 2016
-
59,062
59,062
Charge for the year
1,800
2,647
4,447
At 31 May 2017
1,800
61,709
63,509
At 31 May 2017
178,200
6,953
185,153
At 31 May 2016
-
3,632
3,632
Trade debtors
68,370
56,538
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
16,014
19,604
Trade creditors
2,707
2,310
Taxes and social security
32,495
28,250
Loans from directors
230,534
26,820
8
Average number of employees
During the year the average number of employees was 3 (2016: 3).