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Registered number: 13866484









HUCKLETREE (BISHOPSGATE) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
HUCKLETREE (BISHOPSGATE) LIMITED
REGISTERED NUMBER: 13866484

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
 5 
228,767

  
228,767

Current assets
  

Debtors: amounts falling due within one year
 6 
11,441

  
11,441

Creditors: amounts falling due within one year
 7 
(245,857)

Net current (liabilities)/assets
  
 
 
(234,416)

Total assets less current liabilities
  
(5,649)

  

Net (liabilities)/assets
  
(5,649)


Capital and reserves
  

Called up share capital 
 8 
1

Profit and loss account
  
(5,650)

  
(5,649)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 July 2023.




Mrs Y M Eruteya
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
HUCKLETREE (BISHOPSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Huckletree (Bishopsgate) Limited (formerly known as Huckletree (Facilities Management) Limited) is a private limited company limited by shares incorporated in England and Wales. The registered office is The Alphabeta, 18 Finsbury Square, London, EC2A 1AH. Its company registration number is 13866484.

2.Accounting policies

  
2.1

Reporting period

The company reporting date is for a period greater than 12 months. Future reporting periods will be for the 12 month period to 31 March each year.

 
2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.3

Going concern

The Directors have considered the financial position of the company during the period. They have assessed both financial and operational risk including a review of the Company's budgets, forecasts and available financing. The Company has prepared detailed project forecasts and budgets which have been provided to investors in order to secure funding for the Company during its start-up phase. Cash flow forecasts are monitored by the directors along with other key performance indicators, and on this basis they consider that it is appropriate to adopt the going concern basis in preparing the Company's financial statements.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases, including any lease incentives received, are charged to profit or
loss on a straight-line basis over the term of the relevant lease except where another more
systematic basis is more representative of the time pattern in which economic benefits from the
leases assets are consumed.

Page 2

 
HUCKLETREE (BISHOPSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
No depreciation (see note 4)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 3

 
HUCKLETREE (BISHOPSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current and
future periods.


4.


Employees

The average monthly number of employees, including directors, during the period was 2.


5.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


Additions
228,767



At 31 March 2023

228,767






Net book value



At 31 March 2023
228,767

Other assets comprises costs associated with leasehold improvements on a lease that was not signed at the year-end.  The company has a policy to capitalise initial direct costs of the lease and amortise these over the lease term.


6.


Debtors

2023
£


Amounts owed by group undertakings
1

Other debtors
11,440

11,441


Page 4

 
HUCKLETREE (BISHOPSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
71,261

Accruals and deferred income
174,596

245,857



8.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On incorporation the company allotted 1 Ordinary share of £1.00 for which consideration of £1 was paid.


9.


Related party transactions

The company has taken exemption under Section 33.1A of FRS 102 from disclosing related party transactions between two or more 100% members of the same group.
A related party has offered a bank guarantee of £3m to the landlord.
The company is part of the security of the Group’s borrowings from a related party.


10.


Post balance sheet events

The company is about to begin work on CAT A and CAT B construction works estimated at £6 million at 199 Bishopsgate, London, to create a coworking space for members. It is intended that the project will be funded by a combination of the Huckletree group's financing facility and a contribution from the landlord. On completion of the works, the company will enter into a 15 year lease on the property, with its parent company being gurantor and having joint and several liability over the terms of the lease. 


11.


Controlling party

The company's parent is Huckletree Limited, which owns 100% of the company's share capital. Its registered office is The Alphabeta, 18 Finsbury Square, London, England, EC2A 1AH.

Page 5

 
HUCKLETREE (BISHOPSGATE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2023 was unqualified.

The audit report was signed on 12 July 2023 by Mr P A Cattermole FCA (Senior Statutory Auditor) on behalf of CB Reid Limited.

 
Page 6