Registered number
05636094
360 Business Centres Limited
Filleted Accounts
31 March 2023
360 Business Centres Limited
Registered number: 05636094
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Leasehold assets 3 142,360 186,747
Tangible assets 4 13,616 22,155
155,976 208,902
Current assets
Debtors 5 88,325 149,307
Cash at bank and in hand 51,460 57,071
139,785 206,378
Creditors: amounts falling due within one year 6 (319,044) (495,270)
Net current liabilities (179,259) (288,892)
Total assets less current liabilities (23,283) (79,990)
Provisions for liabilities (99) (99)
Net liabilities (23,382) (80,089)
Capital and reserves
Called up share capital 100 100
Profit and loss account (23,482) (80,189)
Shareholders' funds (23,382) (80,089)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Naveen Bhandari Mr Suresh Kumar Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
360 Business Centres Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture & fittings 25% straight line
Plant & Machinery 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going Concern
At 31 March 2023 the company had net current liabilities of £179,259 [2022 - £288,892]. Of this £42,500 [2022 - £200,000] was due to the parent company. The directors of the company are confident that all payments and liabilities will be met as and when they arise. The directors are of the opinion that the financial statements should be drawn up on a going concern basis.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets £
Leasehold costs:
Cost
At 1 April 2022 477,820
Additions 7,408
At 31 March 2023 485,228
Depreciation
At 1 April 2022 291,073
Provided during the year 51,795
At 31 March 2023 342,868
Net book value
At 31 March 2023 142,360
At 31 March 2022 186,747
Leasehold costs are being written off in equal annual instalments over the lease term.
4 Tangible fixed assets
Plant and machinery etc Furniture & fittings Total
£ £ £
Cost
At 1 April 2022 8,156 142,895 151,051
Additions 438 - 438
At 31 March 2023 8,594 142,895 151,489
Depreciation
At 1 April 2022 3,843 125,053 128,896
Charge for the year 1,807 7,170 8,977
At 31 March 2023 5,650 132,223 137,873
Net book value
At 31 March 2023 2,944 10,672 13,616
At 31 March 2022 4,313 17,842 22,155
5 Debtors 2023 2022
£ £
Trade debtors 11,056 21,673
Other debtors 77,269 127,634
88,325 149,307
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 42,855 48,502
Taxation and social security costs 41,036 24,614
Other creditors 235,153 422,154
319,044 495,270
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 353,272 522,990
8 Transaction with directors
At the year end, the Directors owed the company of £Nil [2022 -£25,000] During the year, the directors claimed business mileage of £Nil [2022 - £1,285].
9 Controlling party
Boundary House Business Centre Limited controls the company by virtue of holding 100% of the issued share capital.
10 Other information
360 Business Centres Limited is a private company limited by shares and incorporated in England. Its registered office is:
Boundary House
Boston Road
London
W7 2QE
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