REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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WE RENT SPACE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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FOR |
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WE RENT SPACE LIMITED |
WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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WE RENT SPACE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 April 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
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BANKERS: |
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38 Market Place |
Wigan |
WN1 1PJ |
WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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STATEMENT OF FINANCIAL POSITION |
30 April 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves | 11 |
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Retained earnings | 11 | 1,306,055 | 1,288,953 |
SHAREHOLDERS' FUNDS |
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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. |
WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 April 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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We Rent Space Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover represents net rents and service charges receivable. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. |
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Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
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Fixtures and fittings | - | 25% on reducing balance |
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Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
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Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
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Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
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Amounts due to and from related undertakings are repayable on demand and are measured at the undiscounted amount due. |
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WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 May 2019 |
and 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 May 2019 |
and 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2020 |
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5. | INVESTMENT PROPERTY - continued |
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In the opinion of the directors, the fair value for the investment property at 30 April 2020 is not materially different from that stated in these financial statements. |
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Fair value at 30 April 2020 is represented by: |
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£ |
Valuation in 2004 | 788,004 |
Valuation in 2011 | 215,259 |
Cost | 1,373,910 |
2,377,173 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Bank loans are secured by way of a fixed and floating charge over the assets of the company. |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 67,924 | 67,924 |
WE RENT SPACE LIMITED (REGISTERED NUMBER: 03794329) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2020 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 May 2019 |
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Balance at 30 April 2020 |
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11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 May 2019 | 1,288,953 |
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2,224,292 |
Profit for the year |
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Dividends | ( |
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At 30 April 2020 |
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2,241,394 |
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Other reserves relate to non distributable reserves being the revaluation surplus of investment properties. |
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12. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £99,000 were paid to the directors . |
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