Company registration number 10338083 (England and Wales)
BOXPARK TRADING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
BOXPARK TRADING LTD
COMPANY INFORMATION
Directors
Mr R Wade
Mr S P Champion
Company number
10338083
Registered office
Boxpark
3rd Floor
60 Worship Road
London
EC2A 2EZ
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BOXPARK TRADING LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
BOXPARK TRADING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Principal Activities

Boxpark Trading Limited (“the Company”) manages the bar operations of Boxpark sites at Shoreditch, Croydon and Wembley.

 

The Company is fully owned by Boxpark Limited. The Company has leases in place to operate the main bars at the Boxpark sites with the ultimate head lessor of the Boxpark sites at Shoreditch (Boxpark Limited), Croydon (Boxpark Croydon Limited) and Wembley (BPQW LLP). The head office costs of the Boxpark group are borne within Boxpark Limited. Cost allocation from Boxpark Limited is at modest levels which contributes to Boxpark Trading Limited reporting strong profits.

 

Business Review

The reporting period had strong trade with the business seeing record months driven from various events throughout the year that continue to drive footfall to our sites. The Group hosts c.600 events per site each year and for this reporting period the Men’s World Cup football championships was a key event for the business to host for its customers as the Fan Park to watch all games throughout the tournament.

 

As a business we have had to adapt our customer offering to adjust for the change in work patterns seen post pandemic, not least the reduction on commuters into central London. Despite this and the macro economic pressures our customer base faced later in the period the Company reported a sales rise for the reporting period, revenue grew by 10% to £15.0m from £13.7m in the prior year.

 

The business reported an EBITDA of £6.7m, an increase of 7% compared to £6.3m in the prior year. Company profit before tax increased from £6.0m in the year to April 2022 to £6.4m in 2023

Principal risks and uncertainties

Economic risk:

Much of the current wider economic risk is related to prevailing weak UK consumer demand. Spending on eating out and leisure activities will continue to be affected by consumer confidence and the employment market in the UK and global economies. Boxpark’s customer base is younger than the sector average and so anything that disproportionately impacts younger people will impact the Company accordingly. Management believes that the affordability of the food and drinks at Boxpark, reduced capacity in the hospitality market from the industry’s economic pressures, and the Company’s strong events programme will enable the Company to weather these pressures, but it remains a possible challenge to the business.

 

Inflationary cost pressures:

The Company has faced significant costs pressures from high UK inflation in the past year, most notably from sharp rises in utility costs. Whilst staff cost pressures were substantial, these now appear to be waning as hospitality industry capacity is contracting. These cost pressures are being felt throughout the Company’s supply chain, and consequently has reverberated into more general cost pressures in the business. Whilst the Company has mitigated these cost pressures by careful control of resources, as well as some price rises, the weak consumer environment may make it difficult to pass all these cost rises through to the consumer without negatively impacting overall demand

 

Security of Tenure:

The intention of the Group is to enter into long term leases on new sites, the existing sites all have tenures of less than ten years. The significance of each site to the Group will reduce as the roll-out program progresses.

Key performance indicators

The directors use a variety of financial key performance indicators to monitor performance, as well as using a number of non-financial measures.

 

The most important measure is footfall to site as there is a close correlation between beverage revenues and customer footfall. Bar revenues are reported to the board on a weekly basis and monitored daily by the senior management team. Analysis is undertaken to see what events or initiatives have been successful in driving footfall and spend per head, enabling management to adapt the customer offering.

BOXPARK TRADING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -

On behalf of the board

Mr S P Champion
Director
23 October 2023
BOXPARK TRADING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the company was that of retail sales of food and beverages.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £3,500,000 (2022: £3,000,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Wade
Mr S P Champion
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors believe that there are no future developments that require disclosure.

Auditor

The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BOXPARK TRADING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S P Champion
Director
23 October 2023
BOXPARK TRADING LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BOXPARK TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BOXPARK TRADING LTD
- 6 -
Opinion

We have audited the financial statements of Boxpark Trading Ltd (the 'company') for the year ended 30 April 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BOXPARK TRADING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BOXPARK TRADING LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law, and compliance with the UK Companies Act.

BOXPARK TRADING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BOXPARK TRADING LTD
- 8 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
25 October 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
BOXPARK TRADING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
2023
2022
£
£
Turnover
3
15,043,079
13,710,659
Cost of sales
(6,792,299)
(6,159,235)
Gross profit
8,250,780
7,551,424
Administrative expenses
(1,852,465)
(1,562,509)
Other operating income
-
0
13,918
Operating profit
4
6,398,315
6,002,833
Interest receivable and similar income
925
-
Profit before taxation
6,399,240
6,002,833
Tax on profit
6
17,800
85,227
Profit for the financial year
6,417,040
6,088,060

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BOXPARK TRADING LTD
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
448,587
584,330
Investments
9
100
100
448,687
584,430
Current assets
Stocks
11
191,699
203,413
Debtors
12
9,363,821
2,331,649
Cash at bank and in hand
2,516,611
6,456,810
12,072,131
8,991,872
Creditors: amounts falling due within one year
13
(1,335,091)
(1,288,607)
Net current assets
10,737,040
7,703,265
Total assets less current liabilities
11,185,727
8,287,695
Creditors: amounts falling due after more than one year
14
-
0
(1,208)
Provisions for liabilities
Deferred tax liability
15
39,400
57,200
(39,400)
(57,200)
Net assets
11,146,327
8,229,287
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
11,146,326
8,229,286
Total equity
11,146,327
8,229,287

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

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 10338083 (England and Wales)
BOXPARK TRADING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
1
5,141,226
5,141,227
Period ended 30 April 2022:
Profit and total comprehensive income
-
6,088,060
6,088,060
Dividends
7
-
(3,000,000)
(3,000,000)
Balance at 30 April 2022
1
8,229,286
8,229,287
Period ended 30 April 2023:
Profit and total comprehensive income
-
6,417,040
6,417,040
Dividends
7
-
(3,500,000)
(3,500,000)
Balance at 30 April 2023
1
11,146,326
11,146,327
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
1
Accounting policies
Company information

Boxpark Trading Ltd 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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33Related Party Disclosures: Compensation for key management personnel.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. 

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. Turnover is recognised when the company has transferred risks and rewards of ownership to the buyer.

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:

Fixtures and fittings
20 % per annum / over the life of the lease on a straight line basis
Computer equipment
33% per annum on a straight line basis
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 13 -

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
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stock is independently valued at the lower of cost and selling price less costs to complete and sell, on a first in first out basis.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.8
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 loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

1.10
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.

1.11
Employee benefits

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

BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 14 -
1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable 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 asset are consumed.

1.14
Government grants

Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2
Judgements 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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales of goods
14,116,551
12,868,820
Sales of services
926,528
841,839
15,043,079
13,710,659
2023
2022
£
£
Other revenue
Interest income
925
-
Grants received
-
13,918
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Turnover and other revenue
(Continued)
- 15 -

In the current and comparative years, all turnover arose within the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
-
(13,918)
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
8,500
Depreciation of owned tangible fixed assets
292,676
258,462
Depreciation of tangible fixed assets held under finance leases
-
11,856
Operating lease charges
680,014
523,317
5
Employees

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

2023
2022
Number
Number
Bar and administrative staff
182
168

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,074,352
1,892,023
Social security costs
119,988
132,056
Pension costs
22,762
21,085
2,217,102
2,045,164
6
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(71,127)
Deferred tax
Origination and reversal of timing differences
(17,800)
(14,100)
Total tax credit
(17,800)
(85,227)
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
6
Taxation
(Continued)
- 16 -

The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,399,240
6,002,833
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,215,856
1,140,538
Tax effect of utilisation of tax losses not previously recognised
-
0
(297)
Adjustments in respect of prior years
-
0
(71,127)
Group relief
(1,221,490)
(1,165,291)
Permanent capital allowances in excess of depreciation
(7,926)
(2,785)
Deferred tax adjustments in respect of prior years
100
-
0
Effect of change in local deferred tax rate
(4,300)
13,735
Rounding
(40)
-
0
Taxation credit for the period
(17,800)
(85,227)
7
Dividends
2023
2022
£
£
Final paid
3,500,000
3,000,000
8
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 May 2022
1,859,247
57,533
1,916,780
Additions
96,183
60,750
156,933
At 30 April 2023
1,955,430
118,283
2,073,713
Depreciation and impairment
At 1 May 2022
1,307,778
24,672
1,332,450
Depreciation charged in the year
270,612
22,064
292,676
At 30 April 2023
1,578,390
46,736
1,625,126
Carrying amount
At 30 April 2023
377,040
71,547
448,587
At 30 April 2022
551,469
32,861
584,330
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
8
Tangible fixed assets
(Continued)
- 17 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Fixtures and fittings
-
0
22,018
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
100
100
10
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Boxpark Trading 2 Limited
Boxpark, 3rd Floor, 60 Worship Road, London, EC2A 2EZ
Ordinary
100
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
191,699
203,413
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
135,011
31,992
Corporation tax recoverable
-
0
70,232
Amounts owed by group undertakings
8,958,813
1,946,235
Amounts owed by undertakings in which the company has a participating interest
-
0
35,931
Other debtors
164,304
170,615
Prepayments and accrued income
105,693
76,644
9,363,821
2,331,649
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
12
Debtors
(Continued)
- 18 -

Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the group undertakings is financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support to the rest of the group.

13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
396,104
423,031
Amounts owed to group undertakings
100
100
Amounts owed to undertakings in which the company has a participating interest
110,078
-
0
Taxation and social security
410,207
513,739
Deferred income
186,630
71,489
Other creditors
19,809
23,618
Accruals and deferred income
212,163
256,630
1,335,091
1,288,607
14
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
1,208
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
39,800
57,200
Retirement benefit obligations
(400)
-
39,400
57,200
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
15
Deferred taxation
(Continued)
- 19 -
2023
Movements in the year:
£
Liability at 1 May 2022
57,200
Credit to profit or loss
(17,800)
Liability at 30 April 2023
39,400

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature in a future period.

16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,762
21,085

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

Ordinary shares have attached to them full voting, dividend, and capital distribution (including on winding up) rights.

18
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.

19
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
477,500
477,500
Between two and five years
718,542
516,042
1,196,042
993,542
BOXPARK TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
20
Related party transactions

A company under common control has a 50% joint venture interest in BPQW LLP.

 

During the year, the company was charged £786,130 (2022 - £586,915) by BPQW LLP. At the balance sheet date, £110,078 owed to BPQW LLP (2022 - £35,930 owed by BPQW LLP) and shown within creditors (2022 - debtors) falling due within one year.

21
Ultimate controlling party

The immediate parent company is Boxpark Ltd. Its registered address is: Boxpark 3rd Floor, 60 Worship Street, London, United Kingdom, EC2A 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, EC2A 2EZ.

 

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

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