Registered number
11983998
Conceptual Spaces Limited
Filleted Accounts
31 May 2024
Adams Root Ltd t/a Adams Root & Associates
Chartered Certified Accountants
Bristol
Conceptual Spaces Limited
Registered number: 11983998
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,612,414 2,392,787
Current assets
Debtors 4 14,092 175,144
Cash at bank and in hand 9,329 54,845
23,421 229,989
Creditors: amounts falling due within one year 5 (415,801) (491,467)
Net current liabilities (392,380) (261,478)
Total assets less current liabilities 2,220,034 2,131,309
Creditors: amounts falling due after more than one year 6 (1,775,765) (1,754,359)
Net assets 444,269 376,950
Capital and reserves
Called up share capital 10 10
Revaluation reserve 8 597,529 377,094
Profit and loss account (153,270) (154)
Shareholder's funds 444,269 376,950
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Collinson
Director
Approved by the board on 26 September 2024
Conceptual Spaces Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Freehold investment property is included at fair value within tangible fixed assets, changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 June 2023 2,389,554 12,931 2,402,485
Surplus on revaluation 220,435 - 220,435
At 31 May 2024 2,609,989 12,931 2,622,920
Depreciation
At 1 June 2023 - 9,698 9,698
Charge for the year - 808 808
At 31 May 2024 - 10,506 10,506
Net book value
At 31 May 2024 2,609,989 2,425 2,612,414
At 31 May 2023 2,389,554 3,233 2,392,787
4 Debtors 2024 2023
£ £
Other debtors 14,092 175,144
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (70) 54
Amounts owed to group undertakings and undertakings in which the company has a participating interest 396,337 484,393
Taxation and social security costs 4,178 -
Other creditors 15,356 7,020
415,801 491,467
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,775,765 1,754,359
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,775,765 1,754,359
The bank loans are to finance the purchase and renovations of the properties and are secured against them.
8 Revaluation reserve 2024 2023
£ £
At 1 June 2023 377,094 -
Gain on revaluation of land and buildings 220,435 377,094
At 31 May 2024 597,529 377,094
9 Loans to directors
Description and conditions B/fwd Paid in Drawn out C/fwd
£ £ £ £
A Collinson
This loan is interest free and there is no fixed date for repayment. - 77 77
- 77 - 77
10 Related party transactions
Miss A Collinson, the sole director and shareholder in Conceptual Spaces Limited is also the sole director and shareholder in Felt So Good Limited and Conceptual Spaces Property Investments Limited. As at the balance sheet date Felt So Good Limited had lent Conceptual Spaces Limited £ 289,481. These loans are interest free and there is no fixed date for repayment.
11 Controlling party
The company is under the control of A Collinson, the director and sole shareholder.
12 Other information
Conceptual Spaces Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Malmesbury Road
Kingsditch Trading Estate
Cheltenham
Gloucestershire
GL51 9PL
Conceptual Spaces Limited 11983998 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 A Collinson No description of principal activity 11983998 2022-06-01 2023-05-31 11983998 core:RevaluationReserve core:LandBuildings 2022-06-01 2023-05-31 11983998 core:WithinOneYear 2023-05-31 11983998 core:AfterOneYear 2023-05-31 11983998 core:ShareCapital 2023-05-31 11983998 core:OtherReservesSubtotal 2023-05-31 11983998 core:RetainedEarningsAccumulatedLosses 2023-05-31 11983998 core:RevaluationReserve 2022-05-31 11983998 2023-06-01 2024-05-31 11983998 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11983998 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11983998 bus:Director40 2023-06-01 2024-05-31 11983998 1 2023-06-01 2024-05-31 11983998 2 2023-06-01 2024-05-31 11983998 core:LandBuildings 2023-06-01 2024-05-31 11983998 core:PlantMachinery 2023-06-01 2024-05-31 11983998 core:RevaluationReserve core:LandBuildings 2023-06-01 2024-05-31 11983998 bus:Director1 2023-06-01 2024-05-31 11983998 bus:Director1 1 2023-06-01 2024-05-31 11983998 countries:England 2023-06-01 2024-05-31 11983998 bus:FRS102 2023-06-01 2024-05-31 11983998 bus:FilletedAccounts 2023-06-01 2024-05-31 11983998 2024-05-31 11983998 core:WithinOneYear 2024-05-31 11983998 core:AfterOneYear 2024-05-31 11983998 core:ShareCapital 2024-05-31 11983998 core:OtherReservesSubtotal 2024-05-31 11983998 core:RetainedEarningsAccumulatedLosses 2024-05-31 11983998 core:LandBuildings 2024-05-31 11983998 core:PlantMachinery 2024-05-31 11983998 core:RevaluationReserve 2024-05-31 11983998 bus:Director1 1 2024-05-31 11983998 2023-05-31 11983998 core:LandBuildings 2023-05-31 11983998 core:PlantMachinery 2023-05-31 11983998 core:RevaluationReserve 2023-05-31 11983998 bus:Director1 1 2023-05-31 iso4217:GBP xbrli:pure