Registered number
11983998
Conceptual Spaces Limited
Filleted Accounts
31 May 2023
ARA (Bristol) Ltd t/a Adams Root & Associates
Chartered Certified Accountants
Bristol
Conceptual Spaces Limited
Registered number: 11983998
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 2,392,787 2,396,020
Current assets
Debtors 3 175,144 23,848
Cash at bank and in hand 54,845 10,939
229,989 34,787
Creditors: amounts falling due within one year 4 (491,467) (815,685)
Net current liabilities (261,478) (780,898)
Total assets less current liabilities 2,131,309 1,615,122
Creditors: amounts falling due after more than one year 5 (1,754,359) (1,648,991)
Net assets/(liabilities) 376,950 (33,869)
Capital and reserves
Called up share capital 10 10
Revaluation reserve 7 377,094 -
Profit and loss account (154) (33,879)
Shareholder's funds 376,950 (33,869)
Average number of employees - -
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Collinson
Director
Approved by the board on 21 October 2023
Conceptual Spaces Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Freehold investment property is included at fair value within tangible fixed assets, changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Tangible fixed assets
Investment property Plant and machinery Total
£ £ £
Cost
At 1 June 2022 2,389,554 12,931 2,402,485
At 31 May 2023 2,389,554 12,931 2,402,485
Depreciation
At 1 June 2022 - 6,465 6,465
Charge for the year - 3,233 3,233
At 31 May 2023 - 9,698 9,698
Net book value
At 31 May 2023 2,389,554 3,233 2,392,787
At 31 May 2022 2,389,554 6,466 2,396,020
The land and buildings acquired by the company are included as investment property and were valued by the directors, to the fair value reflecting existing use on 31 May 2022.
3 Debtors 2023 2022
£ £
Other debtors 175,144 23,848
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 54 60
Amounts owed to group undertakings and undertakings in which the company has a participating interest 484,393 808,573
Other creditors 7,020 7,052
491,467 815,685
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,754,359 1,648,991
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 516,083 516,083
The bank loans are secured on the properties held in fixed assets.
7 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 377,094 -
At 31 May 2023 377,094 -
8 Controlling party
The company is under the control of A Collinson, the director and sole shareholder.
9 Other information
Conceptual Spaces Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Malmesbury Road
Kingsditch Trading Estate
Cheltenham
Gloucestershire
GL51 9PL
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