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Registration number: 12342237

Purpose Serviced Offices Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Purpose Serviced Offices Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Purpose Serviced Offices Limited

Company Information

Director

Mr Joel Berger

Registered office

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Purpose Serviced Offices Limited

(Registration number: 12342237)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

4

104

104

Current assets

 

Debtors

5

1,060,019

992,577

Cash at bank and in hand

 

48,201

16

 

1,108,220

992,593

Creditors: Amounts falling due within one year

6

(1,088,046)

(963,237)

Net current assets

 

20,174

29,356

Total assets less current liabilities

 

20,278

29,460

Creditors: Amounts falling due after more than one year

6

(35,382)

(40,731)

Net liabilities

 

(15,104)

(11,271)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(15,105)

(11,272)

Shareholders' deficit

 

(15,104)

(11,271)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 18 April 2024
 

.........................................
Mr Joel Berger
Director

   
     
 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN
United Kingdom

These financial statements were authorised for issue by the director on 18 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group.

The financial statements present information about the company as an individual entity and not about its group
.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2021: 1).

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

4

Investments

2022
£

2021
£

Investments in subsidiaries

104

104

Subsidiaries

£

Cost or valuation

At 1 January 2022

104

Carrying amount

At 31 December 2022

104

At 31 December 2021

104

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

PG High Cross Ltd

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Ordinary shares

100%

100%

PG Repurpose Ltd

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Ordinary shares

100%

100%

Urban Space Solutions Ltd

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Ordinary shares

100%

100%

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

4

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

PG Site I Ltd

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN
United Kingdom

Ordinary shares

100%

100%

PG Kentish Ltd

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN
United Kingdom

Ordinary shares

100%

100%

5

Debtors

Note

2022
£

2021
£

Amounts owed by group undertakings

9

1,060,018

992,567

Other debtors

 

-

10

Directors current account

 

1

-

Total current trade and other debtors

 

1,060,019

992,577

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

5,514

5,556

Trade creditors

 

-

2,100

Amounts owed to group undertakings

9

178,782

53,832

Other creditors

 

900,000

-

Accrued expenses

 

3,750

1,750

Directors current account

 

-

899,999

 

1,088,046

963,237

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

35,382

40,731

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,514

5,556

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

35,382

40,731

Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 10 years. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

 

Purpose Serviced Offices Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

148

1.48

148

1.48

         

9

Related party transactions

The company has taken advantage of the exemptions available under FRS102 1A from disclosing related pary transactions with othe companies that are wholly owned within the group.