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REGISTERED NUMBER: 11854268















Unaudited Financial Statements for the Year Ended 31 December 2024

for

CoSpace Group Reading QH Limited

CoSpace Group Reading QH Limited (Registered number: 11854268)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CoSpace Group Reading QH Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr W D Stokes
Mr A D Thomas





REGISTERED OFFICE: 25 Town Square
Stevenage
Hertfordshire
SG1 1BP





REGISTERED NUMBER: 11854268






CoSpace Group Reading QH Limited (Registered number: 11854268)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 185,368 220,410

CURRENT ASSETS
Debtors 6 443,451 481,562
Cash at bank 23,377 5,189
466,828 486,751
CREDITORS
Amounts falling due within one year 7 1,152,589 1,206,295
NET CURRENT LIABILITIES (685,761 ) (719,544 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(500,393

)

(499,134

)

CREDITORS
Amounts falling due after more than one
year

8

28,271

34,133
NET LIABILITIES (528,664 ) (533,267 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (528,665 ) (533,268 )
SHAREHOLDERS' FUNDS (528,664 ) (533,267 )

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

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

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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:



Mr W D Stokes - Director



Mr A D Thomas - Director


CoSpace Group Reading QH Limited (Registered number: 11854268)

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

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.

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.

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:

Fixtures & Fittings - 30% reducing balance
Computer Equipment - 25% on cost
Leasehold Improvements - on cost over lease term (38 months remaining).

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.


CoSpace Group Reading QH Limited (Registered number: 11854268)

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


3. ACCOUNTING POLICIES - continued
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 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.

Going concern
At the balance sheet date the company had net current liabilities of £685,761 (2023: £719,544) and
retained losses of £528,665 (2023: £533,268). 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.

4. EMPLOYEES AND DIRECTORS

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

CoSpace Group Reading QH Limited (Registered number: 11854268)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 212,726 232,203 45,411 490,340
Additions 3,921 11,443 2,662 18,026
At 31 December 2024 216,647 243,646 48,073 508,366
DEPRECIATION
At 1 January 2024 72,465 161,360 36,105 269,930
Charge for year 21,740 22,574 8,754 53,068
At 31 December 2024 94,205 183,934 44,859 322,998
NET BOOK VALUE
At 31 December 2024 122,442 59,712 3,214 185,368
At 31 December 2023 140,261 70,843 9,306 220,410

Included within the net book value of land and buildings above is £122,442 (2023 - £140,261) in respect of long term leasehold improvements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 22,963 43,121
Amounts owed by group undertakings 71,380 29,105
Other debtors 84,250 84,250
VAT - 15,572
Deferred tax asset 215,314 217,065
Accrued income - 50,274
Prepayments 49,544 42,175
443,451 481,562

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 5,862 5,718
Trade creditors 151,931 329,384
Amounts owed to group undertakings 699,246 591,789
VAT 5,094 -
Other creditors 129,956 109,240
Accruals 95,831 116,509
Deferred income 64,669 53,655
1,152,589 1,206,295

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 28,271 34,133

CoSpace Group Reading QH Limited (Registered number: 11854268)

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 £5,863 (2023 - £5,718) and >1 year is £28,271 (2023 - £34,133).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 0.01 1 1

11. RELATED PARTY TRANSACTIONS

At the balance sheet date the company owed £696,861 (2023: £591,262) 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 £49,976 (2023: £28,699) from 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 was owed £19,019 (2023: £121 owed to) from 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.

12. ULTIMATE CONTROLLING PARTY

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.