Registration number:
Cospace Group Limited
for the Year Ended 31 December 2023
Cospace Group Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cospace Group Limited
(Registration number: 11489535)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
149 |
116 |
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Share premium reserve |
1,707,945 |
379,977 |
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Retained earnings |
(938,061) |
(672,984) |
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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:
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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
Cospace Group Limited
(Registration number: 11489535)
Balance Sheet as at 31 December 2023
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Cospace Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Amortisation expense |
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Cospace Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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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
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Associates |
£ |
Cost |
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Additions |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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25 Town Square, Stevenage, England, SG1 1BP England & Wales |
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25 Town Square, Stevenage, England, SG1 1BP England & Wales |
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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 |
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25 Town Square, Stevenage, England, SG1 1BP England & Wales |
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25 Town Square, Stevenage, England, SG1 1BP England & Wales |
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25 Town Square, Stevenage, England, SG1 1BP England |
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Associates |
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25 Town Square, Stevenage, England, SG1 1BP |
Ordinary |
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England & Wales |
Subsidiary undertakings |
Cospace Group Stevenage No25 Limited The principal activity of Cospace Group Stevenage No25 Limited is |
Cospace Group Reading QH Limited The principal activity of Cospace Group Reading QH Limited is |
Cospace Group MK EH Limited The principal activity of Cospace Group MK EH Limited is |
Cospace Group Bath MP Limited The principal activity of Cospace Group Bath MP Limited is |
Cospace Ops Limited The principal activity of Cospace Ops Limited is |
Associates |
COREM LIMITED The principal activity of COREM LIMITED is |
Cospace Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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 |
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No. |
£ |
No. |
£ |
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119.45 |
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86.50 |
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29.83 |
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29.83 |
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New shares allotted
During the year |
Rights, preferences and restrictions
Preference have the following rights, preferences and restrictions: |
Related party transactions |
Summary of transactions with other related parties
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.
Parent and ultimate parent undertaking |
The ultimate controlling party is
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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