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Registration number: 11854268

CoSpace Group Reading QH Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

CoSpace Group Reading QH Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

CoSpace Group Reading QH Limited

(Registration number: 11854268)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

220,410

279,614

Current assets

 

Debtors

6

481,562

263,525

Cash at bank and in hand

 

5,190

38,059

 

486,752

301,584

Creditors: Amounts falling due within one year

7

(1,206,296)

(1,151,825)

Net current liabilities

 

(719,544)

(850,241)

Total assets less current liabilities

 

(499,134)

(570,627)

Creditors: Amounts falling due after more than one year

7

(34,133)

(39,851)

Net liabilities

 

(533,267)

(610,478)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(533,268)

(610,479)

Shareholders' deficit

 

(533,267)

(610,478)

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.

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

 

CoSpace Group Reading QH Limited

(Registration number: 11854268)
Balance Sheet as at 31 December 2023

.........................................
Mr William Stokes
Director

.........................................
Mr Alistair David Thomas
Director

 

CoSpace Group Reading QH 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 £533,267 (2022: £850,241) and retained losses of £533,268 (2022: £610,479). 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 Reading QH 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.

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

Fixtures & Fittings

30% Reducing Balance

Computer Equipment

25% Straight Line

Leasehold Improvements

Straight Line Over Lease Term (38 months remaining)

Cash and cash equivalents

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

 

CoSpace Group Reading QH Limited

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

Trade debtors

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

Trade debtors are recognised initially 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 initially 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).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation of leasehold property

21,428

36,875

Depreciation of fixtures, fittings and equipment (owned)

41,699

102,907

 

CoSpace Group Reading QH Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

210,733

275,684

486,417

Additions

1,993

1,930

3,923

At 31 December 2023

212,726

277,614

490,340

Depreciation

At 1 January 2023

51,037

155,766

206,803

Charge for the year

21,428

41,699

63,127

At 31 December 2023

72,465

197,465

269,930

Carrying amount

At 31 December 2023

140,261

80,149

220,410

At 31 December 2022

159,696

119,918

279,614

Included within the net book value of land and buildings above is £140,261 (2022 - £159,696) in respect of long term leasehold improvements.
 

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

43,121

79,789

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

9

29,105

-

Prepayments

 

42,175

52,010

Other debtors

 

367,161

131,726

   

481,562

263,525

Less non-current portion

 

(84,250)

-

 

397,312

263,525

 

CoSpace Group Reading QH Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

5,718

5,577

Trade creditors

 

329,385

182,080

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

9

591,789

593,341

Taxation and social security

 

-

6,559

Accruals and deferred income

 

170,164

214,185

Other creditors

 

109,240

150,083

 

1,206,296

1,151,825

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

34,133

39,851

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 £5,718 (2022 - £5,577) and >1 year is £34,133 (2022 - £39,851).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

9

Related party transactions

Summary of transactions with other related parties

 

CoSpace Group Reading QH Limited

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

At the balance sheet date the company owed £591,262 (2022: £591,342) to CoSpace Group Limited, its ultimate parent company. There is no interest charged and the amount is fully repayable on demand.

At the balance sheet date the company was owed £28,699 from (2022: £1,999 owed to) CoSpace Group Stevenage No25 Limited, a company connected by a mutual parent company. There is no interest charged and the amount is fully repayable upon demand.

At the balance sheet date the company owed £121 (2022: £nil) to CoSpace Group MK EH Limited, a company connected by a mutual parent company. There is no interest charged and the amount is fully repayable upon demand.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is CoSpace Group Limited, incorporated in England.

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

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,133

39,851

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,718

5,577

Bank borrowings

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 banking of, the secretary of state for business, energy and industrial strategy.