Registered number
08441565
Chiswick Business Centres Limited
Filleted Accounts
31 March 2023
Chiswick Business Centres Limited
Registered number: 08441565
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 22,387 29,038
Tangible assets 4 5,873,657 5,830,263
5,896,044 5,859,301
Current assets
Debtors 5 765,977 375,224
Cash at bank and in hand 83,328 391,312
849,305 766,536
Creditors: amounts falling due within one year 6 (347,080) (329,646)
Net current assets 502,225 436,890
Total assets less current liabilities 6,398,269 6,296,191
Creditors: amounts falling due after more than one year 7 (1,143,668) (1,240,335)
Provisions for liabilities (491,127) (491,127)
Net assets 4,763,474 4,564,729
Capital and reserves
Called up share capital 2 2
Non Distributable Reserve 9 2,093,753 2,093,753
Profit and loss account 2,669,719 2,470,974
Shareholders' funds 4,763,474 4,564,729
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.
Naveen Bhandari Suresh Aggarwal
Director Director
Approved by the board on 20 October 2023 Approved by the board on 20 October 2023
Chiswick 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 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:
Plant and machinery 25% straight line
Fixtures and fittings 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.
Revaluation
The company has revalued its Land and Buildings in accordance with paragraphs 11.27 and 11.32 of FRS 102.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Interest Cap costs:
Cost
At 1 April 2022 79,168
At 31 March 2023 79,168
Amortisation
At 1 April 2022 50,130
Provided during the year 6,651
At 31 March 2023 56,781
Net book value
At 31 March 2023 22,387
At 31 March 2022 29,038
Interest Cap cost of £26,478 arose on 18 February 2020 is being written off over 7 years.
Arrangement fee of £14,340 arose on 31 January 2021 is being written off over 5 years
4 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures and fittings Total
£ £ £ £
Cost
At 1 April 2022 5,761,573 41,229 180,107 5,982,909
Additions 42,934 2,056 28,144 73,134
At 31 March 2023 5,804,507 43,285 208,251 6,056,043
Depreciation
At 1 April 2022 - 35,336 117,310 152,646
Charge for the year - 3,365 26,375 29,740
At 31 March 2023 - 38,701 143,685 182,386
Net book value
At 31 March 2023 5,804,507 4,584 64,566 5,873,657
At 31 March 2022 5,761,573 5,893 62,797 5,830,263
Freehold land and buildings: 2023 2022
£ £
Historical cost 3,112,077 3,112,077
Cumulative depreciation based on historical cost - -
3,112,077 3,112,077
The directors are of the opinion that there is no change in the value of the property and the property value remains at £5,750,000 at 31 March 2023.
5 Debtors 2023 2022
£ £
Trade debtors 30,937 41,945
Other debtors 735,040 333,279
765,977 375,224
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 96,667 96,667
Trade creditors 33,362 15,205
Taxation and social security costs 68,374 46,921
Other creditors 148,677 170,853
347,080 329,646
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,143,668 1,240,335
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 440,959
Secured bank loans 1,240,335 1,337,002
The bank has a legal charge over the company. The charge contains fixed charge and negative pledge.
9 Non Distributable Reserve 2023 2022
£ £
At 1 April 2022 2,093,753 2,093,753
At 31 March 2023 2,093,753 2,093,753
10 Contingent liabilities
The company and Boundary House Business Centre Limited jointly act as guarantors for the lease between Richmond Business Centre Limited and Essex County Council to an amount of £941,760 per annum. A lease commenced on 18 December 2020 and expires on 17 May 2024. At the year and there were no liabilities outstanding in relation to the lease.
11 Transaction with the directors
During the year, the directors claimed mileage of £nil [2022 - £67].
12 Controlling party
The company is controlled by Mr Naveen Bhandari and Mrs Neeru Bhandari by virtue of their 100% shareholding in the issued share capital of the company.
13 Other information
Chiswick 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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