Registration number:
West London Business Ltd
Trading as
(A company limited by guarantee)
for the Year Ended 31 March 2023
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
Accountant details
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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
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2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Retained earnings |
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Surplus |
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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:
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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
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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
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 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
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
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.
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
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Wages and salaries |
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Social security costs |
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Other short-term employee benefits |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
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Director (excluding non-executive) |
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Administration staff |
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Directors' remuneration
The directors' remuneration for the year was as follows:
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2022 |
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Remuneration |
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During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
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Accruing benefits under money purchase pension scheme |
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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
Auditors' remuneration |
2023 |
2022 |
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Audit of the financial statements |
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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
Tangible assets |
Office equipment |
Total |
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Cost |
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At 1 April 2022 |
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Additions |
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Disposals |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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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
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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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 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Summary of transactions with key management
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.