| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Cospace Group Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Cospace Group Limited (Registered number: 11489535) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium |
| 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 Limited (Registered number: 11489535) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Freehold property | - |
| Computer equipment | - |
| 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 |
| 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 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold | Computer |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 7. | FIXED ASSET INVESTMENTS |
| Listed | Unlisted |
| investments | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 | 303 |
| NET BOOK VALUE |
| At 31 December 2024 | 303 |
| At 31 December 2023 | 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 |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Associated company |
| Registered office: 25 Town Square, Stevenage, England, SG1 1BP England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors | ( |
) |
| VAT |
| Deferred tax asset |
| Prepayments |
| 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) |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | 100 | 100 |
| Social security and other taxes |
| Other creditors |
| 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 |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 11) |
| 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: | £ | £ |
| Ordinary | 0.000 | 1 | 119 | 119 |
| 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. |