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REGISTERED NUMBER: 11489535















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Cospace Group Limited

Cospace Group Limited (Registered number: 11489535)

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 Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr P C Luke
Mr W D Stokes
Mr A D Thomas





REGISTERED OFFICE: 25 Town Square
Stevenage
Hertfordshire
SG1 1BP





REGISTERED NUMBER: 11489535






Cospace Group Limited (Registered number: 11489535)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 - 2,705
Tangible assets 6 11,111 13,447
Investments 7 303 303
11,414 16,455

CURRENT ASSETS
Debtors 8 1,464,992 1,244,271
Cash at bank 137,403 10,688
1,602,395 1,254,959
CREDITORS
Amounts falling due within one year 9 1,015,011 464,503
NET CURRENT ASSETS 587,384 790,456
TOTAL ASSETS LESS CURRENT
LIABILITIES

598,798

806,911

CREDITORS
Amounts falling due after more than one
year

10

31,110

36,878
NET ASSETS 567,688 770,033

CAPITAL AND RESERVES
Called up share capital 12 149 149
Share premium 1,707,945 1,707,945
Retained earnings (1,140,406 ) (938,061 )
SHAREHOLDERS' FUNDS 567,688 770,033

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.

Cospace Group Limited (Registered number: 11489535)

Balance Sheet - continued
31 December 2024


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 A D Thomas - Director Mr P C Luke - Director




Mr W D Stokes - Director


Cospace Group Limited (Registered number: 11489535)

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 England & Wales.
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 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).

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.

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:
Branding - 15% on cost
Website - 20% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Computer equipment - 25% on cost

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.

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 Limited (Registered number: 11489535)

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 equivalent
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

Cospace Group Limited (Registered number: 11489535)

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


5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2024
and 31 December 2024 16,170
AMORTISATION
At 1 January 2024 13,465
Amortisation for year 2,705
At 31 December 2024 16,170
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 2,705

6. TANGIBLE FIXED ASSETS
Freehold Computer
property equipment Totals
£    £    £   
COST
At 1 January 2024 10,796 6,876 17,672
Additions - 1,381 1,381
Disposals (1,100 ) - (1,100 )
At 31 December 2024 9,696 8,257 17,953
DEPRECIATION
At 1 January 2024 1,080 3,145 4,225
Charge for year 969 1,758 2,727
Eliminated on disposal (110 ) - (110 )
At 31 December 2024 1,939 4,903 6,842
NET BOOK VALUE
At 31 December 2024 7,757 3,354 11,111
At 31 December 2023 9,716 3,731 13,447

7. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 203 100 303
NET BOOK VALUE
At 31 December 2024 203 100 303
At 31 December 2023 203 100 303

Cospace Group Limited (Registered number: 11489535)

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


7. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cospace Group Stevenage No25 Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Operating of own or leased real estate.
%
Class of shares: holding
Ordinary 100.00

Cospace Group Reading QH Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Letting and operating of own or leased
%
Class of shares: holding
Ordinary 100.00

Cospace Group MK EH Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Letting and operating of own or leased real
%
Class of shares: holding
Ordinary 100.00

Cospace Group SA Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Letting and operating of own or leased real
%
Class of shares: holding
Ordinary 100.00

Cospace Ops Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Operating of own or leased real estate.
%
Class of shares: holding
Ordinary 100.00

Associated company

COREM Limited
Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales
Nature of business: Management of real estate on a fee or contract
%
Class of shares: holding
Ordinary 33.33

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,227,221 986,760
Other debtors (92,553 ) 1,665
VAT 5,585 3,586
Deferred tax asset 319,772 250,497
Prepayments 4,967 1,763
1,464,992 1,244,271

Cospace Group Limited (Registered number: 11489535)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 5,768 5,626
Trade creditors 24,843 21,736
Amounts owed to group undertakings 778,522 271,576
Amounts owed to associates 100 100
Social security and other taxes 10,052 10,047
Other creditors - 600
Other creditors 187,726 -
Pension contributions unpaid 1,151 681
Credit card account 4,299 8,451
Other interest payable - (4,235 )
Directors' current accounts - 145,521
Accruals and deferred income - 4,400
Accrued expenses 2,550 -
1,015,011 464,503

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) 31,110 36,878

11. LOANS

Bank loans of £36,878 (2023: £42,504) 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 £5,768 (2023: £5,626) and included within creditors falling due after more than one year are £31,110 (2023: £36,878)

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,194,543 Ordinary 0.000 1 119 119
298,334 Preference 0.000 1 30 30
149 149

Rights, preferences and restrictions

Preference have the following rights, preferences and restrictions: The preferred share have attached to them full voting rights and full dividend rights. They do not confer any rights of redemption. They have capital distribution rights limited to pro rata rights in proportion to the total number of ordinary shares (on an as converted basis for preference shares).

13. RELATED PARTY TRANSACTIONS

At the balance sheet date the company has accrued for the remuneration owed to Mr A Thomas totaling £187,726 (2023: £145,521). The amount is deemed to be payable on demand.

Included in debtors of the Company are amounts owed by wholly owned subsidiary undertakings of £448,798 (2023 £786,168). Amounts arose under normal trading conditions and are repayable under those terms.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Thomas and Mr W Stokes by virtue of their shareholding.