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Registration number: 02934029

West London Business Ltd

Trading as West London Business and Park Royal Business Group

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 10

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Company Information

Chair

S B Patel

Chief executive

A S Dakers

Directors

M Penfold

R K Coffin

J M Macfarlane

G J Rodgers

A L Cast

J M Whiteley

Registered office

The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
Middlesex
UB3 1HA

Accountants

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

(Registration number: 02934029)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,334

4,976

Current assets

 

Debtors

6

323,960

268,244

Cash at bank and in hand

 

404,512

552,286

 

728,472

820,530

Creditors: Amounts falling due within one year

7

(510,896)

(704,220)

Net current assets

 

217,576

116,310

Total assets less current liabilities

 

224,910

121,286

Creditors: Amounts falling due after more than one year

7

(22,557)

(34,072)

Net assets

 

202,353

87,214

Reserves

 

Retained earnings

202,353

87,214

Surplus

 

202,353

87,214

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for isuse by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................
M Penfold
Director

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
Middlesex
UB3 1HA

The principal place of business is:
Venture X White City
1 Ariel Way
London
W12 7SL
England

These financial statements were authorised for issue by the Board on 14 September 2023.

2

Accounting policies

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).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency.

Going concern

The financial statements have been prepared on a going concern basis. The financial statements have been prepared on a going concern basis. The company successfully modified its business model to respond to the extreme challenges of the COVID-19 pandemic, including identifying and accessing new revenue streams. The company has continued to build on the strategic partnerships that deepened during the pandemic and, in the view of the directors, continues to be well placed to build on its many relationships with public and private sector organisations and to continue to generate sufficient income to cover its obligations. The directors have reviewed the forecasts of the company for the period through to 2024/25, including reflecting on vulnerabilities and sensitivities, and have concluded that the company will continue to be able to settle its obligations as they fall due and on the basis of that review they have determined that it is appropriate to prepare the accounts on a going concern basis and that there is, accordingly, no impact on the recognition and measurement of assets and liabilities adopted in these financial statements.

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Income recognition

Turnover includes the value of services recognised in the year as and when invoiced, and the receipt from events and membership fees excluding value added tax. These are accounted for on an accrual basis when the company is entitled to the income and the amounts can be quantified with accuracy. Turnover also encompasses the value of projects which are carried out on behalf of government agencies, recognised as follows:

Government grants

Grants are accounted for under the accrual model and classified either as a grant relating to revenue (revenue-based grant) or a grant relating to assets (capital-based grants). Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable provided that the terms of the grant do not impose future performance-related conditions. Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability. Government grants in relation to tangible fixed assets are credited to profit or loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit or loss. Grants which are not necessarily made in cash are measured at the fair value of the asset received or receivable.

Deferred income
The membership subscription payments are charged on an annual basis. For accounting purposes membership payments are recorded when the invoices are raised and recognised as a liability for services to be rendered, they are then apportioned over the subsequent twelve months in equal amounts, and renewal payments are treated on a similar basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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. Items purchased for less than £500 are expensed in profit or loss account. They are recorded on the Company Asset Register with a £nil value for tracking/control purposes.

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:

Asset class

Depreciation method and rate

Office equipment

33% on cost

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of its business. Trade debtors are recognised initially at the transaction price.

A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of receivables. The amount of the doubtful debt provision is recognised in profit or loss as an operating expense.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risk of the ownership remain with the lessor are charged to profit or loss on a straight line basis over the period of lease.

Company Limited By Guarantee

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

3

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

395,395

334,800

Social security costs

36,452

33,086

Other short-term employee benefits

2,668

2,027

Pension costs, defined contribution scheme

33,600

33,716

468,115

403,629

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Director (excluding non-executive)

1

1

Administration staff

10

10

11

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

48,419

49,723

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

4,875

4,875


 

Bad and doubtful debts
The income statement includes provision for bad debt released back of £20,634 (2022: £36,947- written off). During the year, WLB continued to invest in chasing debts and operating robust member on-boarding processes that incudes signed membership agreements to reduce business risk in this area and the level of write-offs. As a result of improved credit control measures, the company re-assessed its exposure and realigned the doubtful debt provision to £4,182.
 

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Office equipment
£

Total
£

Cost

At 1 April 2022

21,849

21,849

Additions

6,085

6,085

Disposals

(6,789)

(6,789)

At 31 March 2023

21,145

21,145

Depreciation

At 1 April 2022

16,873

16,873

Charge for the year

3,727

3,727

Eliminated on disposal

(6,789)

(6,789)

At 31 March 2023

13,811

13,811

Carrying amount

At 31 March 2023

7,334

7,334

At 31 March 2022

4,976

4,976

6

Debtors

Current

2023
£

2022
£

Trade debtors

280,999

241,914

Prepayments

33,472

23,933

Other debtors

9,489

2,397

 

323,960

268,244

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,832

9,372

Trade creditors

 

69,294

107,362

Taxation and social security

 

9,543

7,762

Accruals and deferred income

 

368,249

452,992

Other creditors

 

53,978

126,732

 

510,896

704,220

The amounts included within deferred income relate to the members' fees invoiced in advance and deferred for the purpose of recognising the income in the relevant period.

Creditors include a bank loan of £9,832 (2022 - £9,372).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,557

34,072

Creditors include an outstandting bank loan of £22,557 (2022 - £34,072) at the reporting date and repayble by instalments.

In May 2020, as a result of the COVID-19 outbreak the company acquired a long term bank loan of £50,000 funding under the Government backed Bounce Back Loan (BBL) scheme which was designed to support UK businesses at an interest rate of 2.50% pa and is repayable by 2026.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,557

34,072

 

West London Business Ltd

Trading as West London Business and Park Royal Business Group

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,832

9,372

9

Related party transactions

Summary of transactions with key management

The employer companies of all WLB company directors, with the exception of the Chief Executive, pay an annual membership subscription to WLB. Moore Kingston Smith LLP received £20,878 plus VAT in fees for book-keeping and accountancy services in 2022/23. Moore Kingston Smith LLP contributed £977 plus VAT to WLB as a membership subscription in 2022/23. Moore Kingston Smith LLP's supplier contract was awarded with effect from 1 April 2016 under a competitive tender exercise in which M B Penfold withdrew from any involvement in the selection process.

During the year, a sum of £450 was paid to J Macfarlane as a stipend for recruitment support, and a sum of £494 was paid to S Patel for travel expenses.