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REGISTERED NUMBER: 04436652 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Cosmic Concepts Limited

Cosmic Concepts Limited (Registered number: 04436652)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Cosmic Concepts Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: B S Shanker





SECRETARY: B S Shanker





REGISTERED OFFICE: 2 Nettleton Close
Littleover
Derby
Derbyshire
DE23 3UW





REGISTERED NUMBER: 04436652 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
47a Queen Street
Derby
Derbyshire
DE1 3DE

Cosmic Concepts Limited (Registered number: 04436652)

Abridged Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 443 803
Investments 6 152,624 156,850
Investment property 7 1,860,000 1,192,500
2,013,067 1,350,153

CURRENT ASSETS
Debtors 82,244 179,724
Cash at bank 277,953 113,661
360,197 293,385
CREDITORS
Amounts falling due within one year 67,841 38,674
NET CURRENT ASSETS 292,356 254,711
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,305,423

1,604,864

CREDITORS
Amounts falling due after more than one
year

(91,783

)

(107,027

)

PROVISIONS FOR LIABILITIES (141,032 ) -
NET ASSETS 2,072,608 1,497,837

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 630,504 115,989
Retained earnings 1,442,103 1,381,847
SHAREHOLDERS' FUNDS 2,072,608 1,497,837

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Cosmic Concepts Limited (Registered number: 04436652)

Abridged Balance Sheet - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2024 and were signed by:





B S Shanker - Director


Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Cosmic Concepts 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimate have been made are included in the tangible fixed asset note.

Turnover
Turnover represents royalties received, net of value added tax.

Rents received

Rental income represents net invoiced rent receivable, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit an loss account and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Valuing the properties in the portfolio is a significant task and there are some subjectivities involved in the process.

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.

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.

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.


Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Financial assets and liabilities
Short term debtors are measured at transaction price, less any impairment. Other financial assets are measured initially at fair value, net of transactions cost an are subsequently measured at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022
and 31 May 2023 597,500
AMORTISATION
At 1 June 2022
and 31 May 2023 597,500
NET BOOK VALUE

At 31 May 2023 -
At 31 May 2022 -

Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 2,122
Disposals (699 )
At 31 May 2023 1,423
DEPRECIATION
At 1 June 2022 1,319
Charge for year 218
Eliminated on disposal (557 )
At 31 May 2023 980
NET BOOK VALUE
At 31 May 2023 443
At 31 May 2022 803

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 June 2022 156,850
Additions 17,725
Disposals (6,503 )
Revaluations (15,448 )
At 31 May 2023 152,624
NET BOOK VALUE
At 31 May 2023 152,624
At 31 May 2022 156,850

Cost or valuation at 31 May 2023 is represented by:
Totals
£   
Valuation in 2021 (4,920 )
Valuation in 2022 15,693
Valuation in 2023 (4,226 )
Cost 146,077
152,624

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 1,192,500
Revaluations 667,500
At 31 May 2023 1,860,000
NET BOOK VALUE
At 31 May 2023 1,860,000
At 31 May 2022 1,192,500

Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. INVESTMENT PROPERTY - continued

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2021 104,098
Valuation in 2023 667,500
Cost 1,088,402
1,860,000

If investment property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,088,402 1,088,402

Investment properties were valued on an open market basis on 31 May 2023 by the director .

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 105,780 121,024

9. RESERVES
Fair
value
reserve
£   
At 1 June 2022 115,989
Investment revaluation 514,515

At 31 May 2023 630,504

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
B S Shanker
Balance outstanding at start of year 51,641 65,000
Amounts repaid (12,907 ) (13,359 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,734 51,641