Company registration number 09355716 (England and Wales)
BOXPARK CROYDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BOXPARK CROYDON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BOXPARK CROYDON LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,564,593
1,735,488
Current assets
Debtors
4
543,704
470,925
Cash at bank and in hand
318,728
407,914
862,432
878,839
Creditors: amounts falling due within one year
5
(3,374,140)
(2,140,832)
Net current liabilities
(2,511,708)
(1,261,993)
Total assets less current liabilities
(947,115)
473,495
Creditors: amounts falling due after more than one year
6
(182,700)
(1,440,683)
Provisions for liabilities
7
(554,000)
(492,451)
Net liabilities
(1,683,815)
(1,459,639)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(1,683,816)
(1,459,640)
Total equity
(1,683,815)
(1,459,639)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
Mr S P Champion
Director
Company registration number 09355716 (England and Wales)
BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Boxpark Croydon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boxpark, 3rd Floor, 60 Worship Road, London, EC2A 2EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the balance sheet date, the company had net current liabilities however the financial statements have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future. The fellow companies within the group are willing to offer ongoing support in meeting the company's liabilities as needed. The financial statements do not include any adjustment that would result from a withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Rental income from outlets leased out under operating leases is recognised in the statement of income and retained earnings on a straight-line basis over the life of the lease. Contingent rents, which comprise turnover rents, are recognised as income in the periods in which they are earned.

 

Lease incentives are recognised as an integral part of the net consideration for use of the property and amortised on a straight-line basis over the life of the lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Site plant and equipment
Straight line over the remaining term of the lease
Fixtures, fittings & computer equipment
25% per annum diminishing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially measured at transaction price unless the cost represents a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

 

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.13
Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
22
17
3
Tangible fixed assets
Site plant and equipment
Fixtures, fittings & computer equipment
Total
£
£
£
Cost
At 1 May 2022
4,386,397
371,584
4,757,981
Additions
84,050
98,883
182,933
At 30 April 2023
4,470,447
470,467
4,940,914
Depreciation and impairment
At 1 May 2022
2,847,424
175,069
3,022,493
Depreciation charged in the year
296,209
57,619
353,828
At 30 April 2023
3,143,633
232,688
3,376,321
Carrying amount
At 30 April 2023
1,326,814
237,779
1,564,593
At 30 April 2022
1,538,973
196,515
1,735,488
BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
302,946
216,465
Other debtors
189,725
196,725
492,671
413,190
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
51,033
57,735
Total debtors
543,704
470,925
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank and other loans and overdrafts
-
0
369,232
Trade creditors
179,623
146,124
Amounts owed to group undertakings
2,842,556
1,152,251
Taxation and social security
22,395
48,106
Other creditors
329,566
425,119
3,374,140
2,140,832

Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the creditor company will not seek repayment of these loans until Boxpark Croydon Limited is financially able to do so. This may be more than 12 months from the reporting date, as part of the ongoing financial support companies of the group provide each other.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank and other loans and overdrafts
-
0
1,228,033
Other creditors
182,700
212,650
182,700
1,440,683

The loan included within bank and other loans and overdrafts in notes 5 and 6 was secured by a charge over the assets of the company, and interest was charged at a fixed rate of 10.9% per annum on this balance. The loan was repaid in full within the year.

BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Provisions for liabilities
2023
2022
£
£
Dismantling provision
459,000
382,000
Deferred tax liabilities
95,000
110,451
554,000
492,451
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Carpenter Box
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
150,000
150,000
Between two and five years
350,000
500,000
500,000
650,000
BOXPARK CROYDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
10
Operating lease commitments
(Continued)
- 7 -
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
1,137,911
919,709
Between two and five years
1,965,310
1,691,875
3,103,221
2,611,584
11
Financial commitments, guarantees and contingent liabilities

There is a fixed and floating charge over all the property or undertaking of the company, including a negative pledge.

 

The following charges were outstanding at the reporting date, but have been satisfied since the year-end:

 

A fixed charge over the assignment of material contracts and insurance policies of the company, including a negative pledge.

 

A fixed charge over the bank accounts of the company, including a negative pledge.

 

A fixed and floating charge over all of the property or undertaking of the company, including a negative pledge.

12
Parent company

The immediate parent company is Boxpark Ltd. Its registered address is: Boxpark 3rd Floor, 60 Worship Street, London, United Kingdom, EC2 2EZ.

 

The ultimate parent company is Generate Topco Limited by virtue of 100% shareholding in the company. Its registered address is: Boxpark 3rd Floor, 60 Worship Street, London, United Kingdom, EC2 2EZ.

 

Generate Topco Limited prepares consolidated financial statements, which are available from Companies House.

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