Company registration number 10734435 (England and Wales)
BOXPARK 2 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
BOXPARK 2 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BOXPARK 2 LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
51,281
45,162
Creditors: amounts falling due within one year
6
(502,499)
(502,499)
Net current liabilities
(451,218)
(457,337)
Net liabilities
(451,217)
(457,336)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(451,218)
(457,337)
Total equity
(451,217)
(457,336)
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 10734435 (England and Wales)
BOXPARK 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Boxpark 2 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, truewhich 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
Fixed asset investments
Interests in jointly controlled entities 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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
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 other debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including 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.
BOXPARK 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of fixed asset investment
During the year ended 30 April 2020, due to uncertainty surrounding the long-term profitability of the joint venture, the directors have decided to impair the carrying value of this investment to £1 as per note 5. The directors consider that no impairment reversal is required as at 30 April 2023.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
BOXPARK 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Investment in Joint Venture
£
Cost or valuation
At 1 May 2022 & 30 April 2023
1
Carrying amount
At 30 April 2023
1
At 30 April 2022
1
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Deferred tax asset
51,281
45,162
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
499,999
499,999
Other creditors
2,500
2,500
502,499
502,499
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 2 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.
7
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
BOXPARK 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
8
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.
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
Parent company
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. It's 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.