Cospace Group Limited 11489535 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false true true true true true 11489535 2023-01-01 2023-12-31 11489535 2023-12-31 11489535 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 11489535 bus:PreferenceShareClass1 bus:CumulativeShares 2023-12-31 11489535 core:CurrentFinancialInstruments 2023-12-31 11489535 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11489535 core:Non-currentFinancialInstruments 2023-12-31 11489535 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 11489535 core:OtherResidualIntangibleAssets 2023-12-31 11489535 core:AdditionsToInvestments 2023-12-31 11489535 core:FurnitureFittingsToolsEquipment 2023-12-31 11489535 core:LandBuildings 2023-12-31 11489535 bus:SmallEntities 2023-01-01 2023-12-31 11489535 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11489535 bus:FullAccounts 2023-01-01 2023-12-31 11489535 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11489535 bus:RegisteredOffice 2023-01-01 2023-12-31 11489535 bus:Director1 2023-01-01 2023-12-31 11489535 bus:Director2 2023-01-01 2023-12-31 11489535 bus:Director3 2023-01-01 2023-12-31 11489535 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11489535 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 11489535 bus:PreferenceShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 11489535 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11489535 core:Associate1 2023-01-01 2023-12-31 11489535 core:Associate1 countries:AllCountries 2023-01-01 2023-12-31 11489535 core:BrandNames 2023-01-01 2023-12-31 11489535 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 11489535 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11489535 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11489535 core:LandBuildings 2023-01-01 2023-12-31 11489535 core:LeaseholdImprovements 2023-01-01 2023-12-31 11489535 core:OfficeEquipment 2023-01-01 2023-12-31 11489535 core:OtherRelatedParties 2023-01-01 2023-12-31 11489535 core:Subsidiary1 2023-01-01 2023-12-31 11489535 core:Subsidiary1 1 2023-01-01 2023-12-31 11489535 core:Subsidiary1 countries:AllCountries 2023-01-01 2023-12-31 11489535 core:Subsidiary2 2023-01-01 2023-12-31 11489535 core:Subsidiary2 1 2023-01-01 2023-12-31 11489535 core:Subsidiary2 countries:AllCountries 2023-01-01 2023-12-31 11489535 core:Subsidiary3 2023-01-01 2023-12-31 11489535 core:Subsidiary3 1 2023-01-01 2023-12-31 11489535 core:Subsidiary3 countries:AllCountries 2023-01-01 2023-12-31 11489535 core:Subsidiary4 2023-01-01 2023-12-31 11489535 core:Subsidiary4 1 2023-01-01 2023-12-31 11489535 core:Subsidiary4 countries:AllCountries 2023-01-01 2023-12-31 11489535 core:Subsidiary5 2023-01-01 2023-12-31 11489535 core:Subsidiary5 1 2023-01-01 2023-12-31 11489535 core:Subsidiary5 countries:England 2023-01-01 2023-12-31 11489535 1 2023-01-01 2023-12-31 11489535 countries:AllCountries 2023-01-01 2023-12-31 11489535 2022-12-31 11489535 core:OtherResidualIntangibleAssets 2022-12-31 11489535 core:CostValuation 2022-12-31 11489535 core:FurnitureFittingsToolsEquipment 2022-12-31 11489535 core:LandBuildings 2022-12-31 11489535 2022-01-01 2022-12-31 11489535 2022-12-31 11489535 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 11489535 bus:PreferenceShareClass1 bus:CumulativeShares 2022-12-31 11489535 core:CurrentFinancialInstruments 2022-12-31 11489535 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11489535 core:Non-currentFinancialInstruments 2022-12-31 11489535 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11489535 core:OtherResidualIntangibleAssets 2022-12-31 11489535 core:FurnitureFittingsToolsEquipment 2022-12-31 11489535 core:LandBuildings 2022-12-31 11489535 core:Associate1 2022-01-01 2022-12-31 11489535 core:Subsidiary1 1 2022-01-01 2022-12-31 11489535 core:Subsidiary2 1 2022-01-01 2022-12-31 11489535 core:Subsidiary3 1 2022-01-01 2022-12-31 11489535 core:Subsidiary4 1 2022-01-01 2022-12-31 11489535 core:Subsidiary5 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11489535

Cospace Group Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Cospace Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Cospace Group Limited

(Registration number: 11489535)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

2,705

5,612

Tangible assets

6

13,447

13,924

Investments

7

303

203

 

16,455

19,739

Current assets

 

Debtors

8

1,108,347

1,014,344

Cash at bank and in hand

 

10,688

43,836

 

1,119,035

1,058,180

Creditors: Amounts falling due within one year

9

(464,505)

(187,877)

Net current assets

 

654,530

870,303

Total assets less current liabilities

 

670,985

890,042

Creditors: Amounts falling due after more than one year

9

(36,878)

(1,205,004)

Provisions for liabilities

135,926

22,071

Net assets/(liabilities)

 

770,033

(292,891)

Capital and reserves

 

Called up share capital

149

116

Share premium reserve

1,707,945

379,977

Retained earnings

(938,061)

(672,984)

Shareholders' funds/(deficit)

 

770,033

(292,891)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

 

Cospace Group Limited

(Registration number: 11489535)
Balance Sheet as at 31 December 2023

.........................................
Mr W Stokes
Director

.........................................
Mr P C Luke
Director

.........................................
Mr A Thomas
Director

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
25 Town Square
Stevenage
Hertfordshire
SG1 1BP

These financial statements were authorised for issue by the Board on 25 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

10% Straight Line

Office Equipment

25% Straight Line

Intangible assets

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Branding

15% Straight Line

Website

20% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments comprise of wholly owned subsidiaries.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Bad debts are recognised and expensed during the period.

Trade debtors are recognised at the transaction price.

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,798

1,617

Amortisation expense

2,906

2,908

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

16,170

16,170

At 31 December 2023

16,170

16,170

Amortisation

At 1 January 2023

10,558

10,558

Amortisation charge

2,907

2,907

At 31 December 2023

13,465

13,465

Carrying amount

At 31 December 2023

2,705

2,705

At 31 December 2022

5,612

5,612

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

10,796

4,555

15,351

Additions

-

2,321

2,321

At 31 December 2023

10,796

6,876

17,672

Depreciation

At 1 January 2023

-

1,427

1,427

Charge for the year

1,080

1,718

2,798

At 31 December 2023

1,080

3,145

4,225

Carrying amount

At 31 December 2023

9,716

3,731

13,447

At 31 December 2022

10,796

3,128

13,924

Included within the net book value of land and buildings above is £9,717 (2022 - £10,796) in respect of long term leasehold improvements.
 

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

203

203

Investments in associates

100

-

303

203

Subsidiaries

£

Cost or valuation

At 1 January 2023

203

Provision

Carrying amount

At 31 December 2023

203

At 31 December 2022

203

Associates

£

Cost

Additions

100

Provision

Carrying amount

At 31 December 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Cospace Group Stevenage No25 Limited

25 Town Square, Stevenage, England, SG1 1BP

England & Wales

Ordinary

100%

100%

Cospace Group Reading QH Limited

25 Town Square, Stevenage, England, SG1 1BP

England & Wales

Ordinary

100%

100%

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Cospace Group MK EH Limited

25 Town Square, Stevenage, England, SG1 1BP

England & Wales

Ordinary

100%

100%

Cospace Group Bath MP Limited

25 Town Square, Stevenage, England, SG1 1BP

England & Wales

Ordinary

100%

100%

Cospace Ops Limited

25 Town Square, Stevenage, England, SG1 1BP

England

Ordinary

100%

100%

Associates

COREM LIMITED

25 Town Square, Stevenage, England, SG1 1BP

Ordinary

33.33%

0%

 

England & Wales

     

Subsidiary undertakings

Cospace Group Stevenage No25 Limited

The principal activity of Cospace Group Stevenage No25 Limited is Operating of own or leased real estate.

Cospace Group Reading QH Limited

The principal activity of Cospace Group Reading QH Limited is Letting and operating of own or leased real estate.

Cospace Group MK EH Limited

The principal activity of Cospace Group MK EH Limited is Letting and operating of own or leased real estate.

Cospace Group Bath MP Limited

The principal activity of Cospace Group Bath MP Limited is Letting and operating of own or leased real estate.

Cospace Ops Limited

The principal activity of Cospace Ops Limited is Operating of own or leased real estate.

Associates

COREM LIMITED

The principal activity of COREM LIMITED is Management of real estate on a fee or contract basis.

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

11

986,760

804,705

Prepayments

 

1,763

2,379

Other debtors

 

119,824

207,260

   

1,108,347

1,014,344

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13

5,626

5,487

Trade creditors

 

21,738

26,364

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

271,676

18,501

Taxation and social security

 

10,047

6,224

Accruals and deferred income

 

165

5,350

Other creditors

 

155,253

125,951

 

464,505

187,877

Bank loans of £47,991 (2021: £50,000) are unsecured and bear interest at 2.5% per annum. The loan was advanced under the Government Bounce Back Loan scheme and is repayable in equal
installments over a maximum period of ten years from the initial advance of funds.

Bank loans included within creditors due within 1 year are £5,487 (2021: £5,016) and included within creditors falling due after more than one year are £42,504 (2021: £44,983)
 

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

13

36,878

1,205,004

10

Share capital

Allotted, called up and fully paid shares

 

Cospace Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.00 each

1,194,543

119.45

865,000

86.50

Preference of £0.00 each

298,334

29.83

298,334

29.83

 

1,492,877

149

1,163,334

116

New shares allotted

During the year 329,543 Ordinary having an aggregate nominal value of £6.5 were allotted for an aggregate consideration of £6.5

Rights, preferences and restrictions

Preference have the following rights, preferences and restrictions:
The preferred share have attached to them full voting rights and full dividend rights. They do not confer any rights of redemption. They have capital distribution rights limited to pro rata rights in proportion to the total number of ordinary shares (on an as converted basis for preference shares).

11

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed Mr A Thomas £145,520 (2022: £121,520). There is no interest charged or terms for repayment.

Included in debtors of the Company are amounts owed by wholly owned subsidiary undertakings of £786,168 (2021 £891,213). Amounts arose under normal trading conditions and are repayable under those terms.

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is Mr A Thomas and Mr W Stokes by virtue of their shareholding.

13

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,878

42,504

Other borrowings

-

1,162,500

36,878

1,205,004

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,626

5,487