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REGISTERED NUMBER: 04436652 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Cosmic Concepts Limited

Cosmic Concepts Limited (Registered number: 04436652)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Cosmic Concepts Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: B S Shanker





SECRETARY: B S Shanker





REGISTERED OFFICE: 2 Nettleton Close
Littleover
Derby
Derbyshire
DE23 3UW





REGISTERED NUMBER: 04436652 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
47a Queen Street
Derby
Derbyshire
DE1 3DE

Cosmic Concepts Limited (Registered number: 04436652)

Abridged Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,084 443
Investments 6 227,141 152,624
Investment property 7 1,860,000 1,860,000
2,088,225 2,013,067

CURRENT ASSETS
Debtors 67,132 82,244
Cash at bank 303,119 277,953
370,251 360,197
CREDITORS
Amounts falling due within one year 64,798 67,841
NET CURRENT ASSETS 305,453 292,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,393,678

2,305,423

CREDITORS
Amounts falling due after more than one
year

(77,608

)

(91,783

)

PROVISIONS FOR LIABILITIES (159,646 ) (141,032 )
NET ASSETS 2,156,424 2,072,608

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 686,407 630,504
Retained earnings 1,470,016 1,442,103
SHAREHOLDERS' FUNDS 2,156,424 2,072,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cosmic Concepts Limited (Registered number: 04436652)

Abridged Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





B S Shanker - Director


Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Cosmic Concepts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimate have been made are included in the tangible fixed asset note.

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

Intellectual property are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit an loss account and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Valuing the properties in the portfolio is a significant task and there are some subjectivities involved in the process.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets and liabilities
Short term debtors are measured at transaction price, less any impairment. Other financial assets are measured initially at fair value, net of transactions cost an are subsequently measured at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 597,500
AMORTISATION
At 1 June 2023
and 31 May 2024 597,500
NET BOOK VALUE

At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 1,423
Additions 968
At 31 May 2024 2,391
DEPRECIATION
At 1 June 2023 980
Charge for year 327
At 31 May 2024 1,307
NET BOOK VALUE
At 31 May 2024 1,084
At 31 May 2023 443

Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 June 2023 152,624
Revaluations 74,517
At 31 May 2024 227,141
NET BOOK VALUE
At 31 May 2024 227,141
At 31 May 2023 152,624

Cost or valuation at 31 May 2024 is represented by:
Totals
£   
Valuation in 2021 (4,920 )
Valuation in 2022 15,693
Valuation in 2023 (10,834 )
Valuation in 2024 74,517
Cost 152,685
227,141

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 1,860,000
NET BOOK VALUE
At 31 May 2024 1,860,000
At 31 May 2023 1,860,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 104,098
Valuation in 2023 667,500
Cost 1,088,402
1,860,000

If investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,088,402 1,088,402

Investment properties were valued on an open market basis on 31 May 2024 by the director .

Cosmic Concepts Limited (Registered number: 04436652)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 91,605 105,780

9. RESERVES
Fair
value
reserve
£   
At 1 June 2023 630,504
Investment revaluation 55,903

At 31 May 2024 686,407

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
B S Shanker
Balance outstanding at start of year 38,734 51,641
Amounts repaid (6,846 ) (12,907 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,888 38,734

Interest of £2,682 was paid during the year.