REGISTERED NUMBER: 05138644 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2024

FOR

CITISPACE GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Serr

J R Kidd

Mrs L Plant

REGISTERED OFFICE:

Citispace South

Regent Street

Leeds

West Yorkshire

LS2 7QN

REGISTERED NUMBER:

05138644 (England and Wales)

ACCOUNTANTS:

Fortus Limited

3 Park Square East

Leeds

LS1 2NE

FIXED ASSETS

Tangible assets

4

2,214,000

455,000

Investments

5

3,805,752

790,752

6,019,752

1,245,752

CURRENT ASSETS

Stocks

813,453

813,453

Debtors

6

3,320,582

1,053,967

Cash at bank

338,375

13,416

4,472,410

1,880,836

CREDITORS

Amounts falling due within one year

7

33,114

173,350

NET CURRENT ASSETS

4,439,296

1,707,486

TOTAL ASSETS LESS CURRENT LIABILITIES

10,459,048

2,953,238

CREDITORS

Amounts falling due after more than one year

8

(8,608,389

)

(2,490,274

)

PROVISIONS FOR LIABILITIES

10

(333,260

)

-

NET ASSETS

1,517,399

462,964

CAPITAL AND RESERVES

Called up share capital

11

250

250

Revaluation reserve

12

1,800,000

-

Retained earnings

12

(282,851

)

462,714

SHAREHOLDERS' FUNDS

1,517,399

462,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

J R Kidd - Director

1.	STATUTORY INFORMATION

Citispace Group 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 January 2024

500,000

Revaluations

1,800,000

At 30 June 2024

2,300,000

DEPRECIATION

At 1 January 2024

40,000

Charge for period

46,000

At 30 June 2024

86,000

NET BOOK VALUE

At 30 June 2024

2,214,000

At 31 December 2023

460,000

Cost or valuation at 30 June 2024 is represented by:

Land and

buildings

£

Valuation in 2023

1,800,000

Cost

500,000

2,300,000

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

790,752

Additions

3,015,000

At 30 June 2024

3,805,752

NET BOOK VALUE

At 30 June 2024

3,805,752

At 31 December 2023

790,752

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Prepayments

6,181

-

2024

2023

£

£

Amounts falling due after more than one year:

Amount due from related undertaking

3,314,401

1,053,967

Aggregate amounts

3,320,582

1,053,967

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

11,150

83,646

Trade creditors

7,978

5,926

Corporation tax

6,662

74,009

Social security and other taxes

945

4,821

Accrued expenses

6,379

4,948

33,114

173,350

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,724,289

1,288,413

Amount due to related undertaking

438,573

438,573

Amounts due to group undertaking

595,527

763,288

Loan notes

1,800,000

-

Directors' loan accounts

50,000

-

8,608,389

2,490,274

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

5,700,000

1,322,184

The loan is secured by debenture over the assets and undertakings of the business and its subsidiaries.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

333,260

-

Deferred

tax

£

Provided during period

333,260

Balance at 30 June 2024

333,260

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

250

Ordinary

£1

250

250

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2024

216,440

-

216,440

Deficit for the period

(499,291

)

(499,291

)

Revaluation in the year

-

1,800,000

1,800,000

At 30 June 2024

(282,851

)

1,800,000

1,517,149

13.	RELATED PARTY DISCLOSURES

During the period the company was charged £47,622 (2023: £287,794) by Citispace Services Limited and £90,000 (2023: £Nil) by Citigarden Living Limited for management charges.

At 30 June 2024 the company owed £595,527 (2023: £848,668) to Citispace Services Limited.

Citispace Services Limited is a subsidiary undertaking of Citispace Group Limited.

At 30 June 2024 the company owed Design Management Contracts Limited £438,573 (2023: £438,573). Design Management Contracts Limited is under the control of D Serr and J R Kidd who are also directors in Citispace Group Limited.

At 30 June 2024 the company was owed £3,314,401 (2023: £807,467) from Citigarden Living Limited.

14.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Suntera Trustees (Jersey) Limited, a company registered in Jersey.

15.	IMMEDIATE CONTROL

The company is under the immediate control of CS Property Holdings Limited, a company registered in Jersey.