Company Registration No. 03366859 (England and Wales)
Spaced Out Limited
Unaudited accounts
for the year ended 31 May 2018
Spaced Out Limited
Unaudited accounts
Contents
Spaced Out Limited
Company Information
for the year ended 31 May 2018
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 2018
Tangible assets
180,167
185,153
Cash at bank and in hand
11,252
222
Creditors: amounts falling due within one year
(269,541)
(271,794)
Net current liabilities
(204,464)
(202,442)
Total assets less current liabilities
(24,297)
(17,289)
Creditors: amounts falling due after more than one year
(7,544)
(11,264)
Net liabilities
(31,841)
(28,553)
Called up share capital
100
100
Profit and loss account
(31,941)
(28,653)
Shareholders' funds
(31,841)
(28,553)
For the year ending 31 May 2018 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 28 February 2019.
James Engel
Director
Company Registration No. 03366859
Spaced Out Limited
Notes to the Accounts
for the year ended 31 May 2018
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 2018
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 June 2017
180,000
68,662
248,662
At 31 May 2018
180,000
70,176
250,176
At 1 June 2017
1,800
61,709
63,509
Charge for the year
3,600
2,900
6,500
At 31 May 2018
5,400
64,609
70,009
At 31 May 2018
174,600
5,567
180,167
At 31 May 2017
178,200
6,953
185,153
Trade debtors
53,825
68,370
7
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
4,750
4,750
Taxes and social security
49,019
32,495
Loans from directors
214,134
230,434
8
Creditors: amounts falling due after more than one year
2018
2017
9
Average number of employees
During the year the average number of employees was 3 (2017: 3).