| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| CoSpace Group Stevenage No25 Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| CoSpace Group Stevenage No25 Limited |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CoSpace Group Stevenage No25 Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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. |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY 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 |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Turnover |
| 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. |
| Tangible fixed 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: |
| Leasehold improvements - 10% on cost |
| Fixtures & fittings - 30% reducing balance |
| Office equipment - 25% on cost |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| 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. |
| Going concern |
| At the balance sheet date the company had net current liabilities of £12,216 (2023: £90,929) and |
| retained losses of £12,216 (2023: £91,029). 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 (Registered number: 12435967) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included within the net book value of land and buildings above is £67,953 (2023 - £68,716) in respect of long term leasehold improvements and £Nil (2023 - £Nil) in respect of long leasehold land and buildings. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Other loans (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | 17,594 | 9,085 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| Other loans (see note 9) |
| Accruals and deferred income |
| CoSpace Group Stevenage No25 Limited (Registered number: 12435967) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | LOANS |
| 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 £5,768 and >1 year is £31,110. |
| Included under loans and borrowings is the company acquired Funding Circle Loan. Included as repayable <1 year is £36,000 and >;1 year is £129,000. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 11. | RELATED PARTY TRANSACTIONS |
| At the balance sheet date the company was owed £275,469 (2023: owed to £4,041) from 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 £49,976 (2023: £28,699) 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 £98,041 (2023: £1,397) from 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. |
| At the balance sheet date the company was owed £100 (2023: £NIL) from CoSpace Group Bath MP limited, a company connected with a shared parent. There is no interest charged and the amount is fully repayable on demand. |
| 12. | ULTIMATE CONTROLLING PARTY |
| 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. |