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Registration number: 12435967

CoSpace Group Stevenage No25 Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

CoSpace Group Stevenage No25 Limited

(Registration number: 12435967)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

153,605

197,373

Current assets

 

Debtors

5

477,128

208,864

Cash at bank and in hand

 

44,233

33,589

 

521,361

242,453

Creditors: Amounts falling due within one year

6

(666,519)

(579,906)

Net current liabilities

 

(145,158)

(337,453)

Total assets less current liabilities

 

8,447

(140,080)

Creditors: Amounts falling due after more than one year

6

(77,128)

(42,504)

Provisions for liabilities

(22,248)

-

Net liabilities

 

(90,929)

(182,584)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(91,029)

(182,684)

Shareholders' deficit

 

(90,929)

(182,584)

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

 

CoSpace Group Stevenage No25 Limited

(Registration number: 12435967)
Balance Sheet as at 31 December 2023

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

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

 

CoSpace Group Stevenage No25 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 United Kingdom.

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

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.

Going concern

At the balance sheet date the company had net current liabilities of £145,158 (2022: £337,453) and retained losses of £91,029 (2022: £182,684). The company is financially supported by the group. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

 

CoSpace Group Stevenage No25 Limited

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

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 rental income 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.

Contract revenue recognition

Revenue received from the provision of serviced office contracts is recognised over the term of the contract on the accruals basis.

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.

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

Fixtures & fittings

30% Reducing Balance

Office equipment

25% Straight Line

Cash and cash equivalents

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

 

CoSpace Group Stevenage No25 Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

CoSpace Group Stevenage No25 Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

96,449

168,499

264,948

Additions

-

12,295

12,295

Disposals

-

(7,984)

(7,984)

At 31 December 2023

96,449

172,810

269,259

Depreciation

At 1 January 2023

18,088

49,487

67,575

Charge for the year

9,645

38,434

48,079

At 31 December 2023

27,733

87,921

115,654

Carrying amount

At 31 December 2023

68,716

84,889

153,605

At 31 December 2022

78,361

119,012

197,373

Included within the net book value of land and buildings above is £68,716 (2022 - £78,361) in respect of long term leasehold improvements.
 

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

43,245

35,732

Amounts owed by related parties

8

273,379

20,499

Prepayments

 

41,643

33,771

Other debtors

 

118,861

118,862

   

477,128

208,864

 

CoSpace Group Stevenage No25 Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,626

5,487

Trade creditors

 

130,648

145,087

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

8

304,721

172,184

Taxation and social security

 

9,084

1,307

Accruals and deferred income

 

83,173

70,849

Other creditors

 

133,267

184,992

 

666,519

579,906

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

36,879

42,504

Other non-current financial liabilities

 

40,249

-

 

77,128

42,504

Included under loans and borrowings is the company acquired Bounce Back loan (BBL) which is managed by the British Business Bank on behalf of, and with the financial backing of, the secretary of state for business, energy and industrial strategy. Included as repayable <1 year is £5,626 and >1 year is £36,878.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100

1.00

100

1.00

         

8

Related party transactions

Summary of transactions with other related parties

 

CoSpace Group Stevenage No25 Limited

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

At the balance sheet date the company owed £4,041 (2022: owed £153,684) to CoSpace Group Limited, its parent company. There is no interest charged and the amount is fully repayable on demand.

At the balance sheet date the company owed £28,699 (2022: was owed £1,999) to CoSpace Group Reading QH limited, a company connected with a shared parent. There is no interest charged and the amount is fully repayable on demand.

At the balance sheet date the company was owed £1,397 (2022: £0) to CoSpace Group MK EH limited, a company connected with a shared parent. There is no interest charged and the amount is fully repayable on demand.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Cospace Group Limited, incorporated in United Kingdom & Wales.

 The ultimate controlling party is Mr W Stokes and Mr A Thomas, by virtue of their shareholding in the parent company.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

36,879

42,504

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,626

5,487