Company Registration No. 07874419 (England and Wales)
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
6,102
32,107
Cash at bank and in hand
23,319
36,408
29,421
68,515
Creditors: amounts falling due within one year
4
(22,384)
(9,020)
Net current assets
7,037
59,495
Reserves
Income and expenditure account
7,037
59,495
Members' funds
7,037
59,495
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 3 November 2023 and are signed on its behalf by:
W P Spinks
Director
Company Registration No. 07874419
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
King's Cross and St. Pancras Business Partnership Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.3
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognized 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 amortized.
1.4
Taxation
The company does not recognise any current or deferred tax as they operate under mutual trade rules that reduce its corporation tax liability for the current year to £nil.
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Employees
There were no employees during the current or previous year and none of the directors received any emoluments from the company during the current or previous year.
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,000
9,000
Other taxes and social security costs
1,202
5,467
Prepayments and accrued income
1,900
17,640
6,102
32,107
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,438
1,520
Accruals and deferred income
16,946
7,500
22,384
9,020
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.