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REGISTERED NUMBER: 09960069 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMMERCIAL SPACE SOLUTIONS PLUS LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: G Collins





REGISTERED OFFICE: Unit 1, Mill Batch Farm
East Brent
Highbridge
Somerset
TA9 4JN





REGISTERED NUMBER: 09960069 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Balance Sheet
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 345,963 365,944
Investments 5 10 10
Investment property 6 2,480,000 1,209,930
2,825,973 1,575,884

CURRENT ASSETS
Debtors 7 120,902 9,563
Cash at bank 868 412
121,770 9,975
CREDITORS
Amounts falling due within one year 8 (605,583 ) (787,247 )
NET CURRENT LIABILITIES (483,813 ) (777,272 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,342,160

798,612

CREDITORS
Amounts falling due after more than one
year

9

(1,494,501

)

(770,089

)

PROVISIONS FOR LIABILITIES (231,157 ) -
NET ASSETS 616,502 28,523

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 616,492 28,513
616,502 28,523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Balance Sheet - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 1 November 2023 and were signed by:





G Collins - Director


COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. COMPANY INFORMATION

Commercial Space Solutions Plus Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the year end the company had net current liabilities of £483,813 (2022 - £777,272). The financial statements are prepared on the grounds that current and future sources of support will be received from the group companies. The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and as such, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Not depreciated
Improvements to property - Not depreciated
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit and loss.

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2022 301,800 - 86,014
Additions 10,000 61,209 58,180
Disposals - - (29,000 )
Revaluations 90,000 - -
Reclassification/transfer (201,800 ) - -
At 31 March 2023 200,000 61,209 115,194
DEPRECIATION
At 1 April 2022 - - 23,759
Charge for year - - 21,384
Eliminated on disposal - - (12,723 )
At 31 March 2023 - - 32,420
NET BOOK VALUE
At 31 March 2023 200,000 61,209 82,774
At 31 March 2022 301,800 - 62,255

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 430 5,000 - 393,244
Additions 180 - 543 130,112
Disposals - - - (29,000 )
Revaluations - - - 90,000
Reclassification/transfer - - - (201,800 )
At 31 March 2023 610 5,000 543 382,556
DEPRECIATION
At 1 April 2022 43 3,498 - 27,300
Charge for year 78 375 179 22,016
Eliminated on disposal - - - (12,723 )
At 31 March 2023 121 3,873 179 36,593
NET BOOK VALUE
At 31 March 2023 489 1,127 364 345,963
At 31 March 2022 387 1,502 - 365,944

Cost or valuation at 31 March 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2023 90,000 - -
Cost 110,000 61,209 115,194
200,000 61,209 115,194

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 90,000
Cost 610 5,000 543 292,556
610 5,000 543 382,556

The freehold properties have been valued by the directors at their fair value as at the 31 March 2023.

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 April 2022 20,100
Additions 46,850
At 31 March 2023 66,950
DEPRECIATION
At 1 April 2022 2,513
Charge for year 8,301
At 31 March 2023 10,814
NET BOOK VALUE
At 31 March 2023 56,136
At 31 March 2022 17,587

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 10
NET BOOK VALUE
At 31 March 2023 10
At 31 March 2022 10

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,209,930
Additions 325,221
Revaluations 743,049
Reclassification/transfer 201,800
At 31 March 2023 2,480,000
NET BOOK VALUE
At 31 March 2023 2,480,000
At 31 March 2022 1,209,930

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 743,049
Cost 1,736,951
2,480,000

The investment properties have been valued by the directors at their fair value as at the 31 March 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,636 8,726
Amounts owed by group undertakings 57,100 441
Amounts owed by associates 2,620 396
VAT 59,546 -
120,902 9,563

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,122 43,521
Hire purchase contracts 14,407 5,864
Trade creditors 18,754 56,574
Amounts owed to group undertakings 546,898 670,925
Amounts owed to associates 2,402 586
Tax - 4,562
VAT - 5,215
605,583 787,247

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-5 years 93,593 761,299
Bank loans > 5 years 1,379,835 -
Hire purchase contracts 21,073 8,790
1,494,501 770,089

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years 1,379,835 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,496,550 804,820
Hire purchase contracts 35,480 14,654
1,532,030 819,474

The amounts due under hire purchase agreements are secured on the assets that they relate to.

The bank holds a Fixed Charge over all the freehold land in the company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the entity entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 31 March, are as follows:



Sales to
related
party
Purchases
from related
party
Amounts
owed by
related party
Amounts
owed to
related party
£    £    £    £   
Entities with significant influence over the
company

2023 15,239 4,713 2,620 92,402
2022 7,092 6,268 837 586

No interest is being charged on the amounts outstanding.

COMMERCIAL SPACE SOLUTIONS PLUS LIMITED (REGISTERED NUMBER: 09960069)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. ULTIMATE CONTROLLING PARTY

The company's parent company is GWGC Investments Ltd whose registered office is Unit 3 Mill Batch Farm, East Brent, Somerset, England, TA9 4JN.