Company registration number 10921898 (England and Wales)
BEYOND PLATFORM 7 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BEYOND PLATFORM 7 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BEYOND PLATFORM 7 LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
614
220
Current assets
Debtors
4
601
3,915
Cash at bank and in hand
3,670
3,716
4,271
7,631
Creditors: amounts falling due within one year
5
(35,182)
(16,358)
Net current liabilities
(30,911)
(8,727)
Total assets less current liabilities
(30,297)
(8,507)
Creditors: amounts falling due after more than one year
6
(22,419)
(22,878)
Net liabilities
(52,716)
(31,385)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(52,816)
(31,485)
Total equity
(52,716)
(31,385)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 29 July 2024
Mr John Mckiernan
Director
Company registration number 10921898 (England and Wales)
BEYOND PLATFORM 7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Beyond Platform 7 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 303 The Pill Box, 115 Coventry Road, London, E2 6GH.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BEYOND PLATFORM 7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Assessment of the Fourth Portal
The 2022-23 accounts encompass a period of reset for the Fourth Portal in the town of Great Yarmouth following the disruption caused by the sudden Covid pandemic lockdowns. Great Yarmouth struggled to restart after the pandemic, affecting how much traction the Fourth Portal could gather in the town. After several months of attempting to restart the model, the decision was made to move to a new location to further develop what was still a conceptual business model.
The Fourth Portal has continued to evolve its concept throughout 2022-23 and into 2024 in Gravesend, Kent, in rent-free premises provided by Gravesham Borough Council. Over 20 years in development, the Fourth Portal uses café-style hospitality to introduce high-end technological breakthroughs and new ways of learning, shopping, working, gathering, and socialising. The networking aspect of the model is proving successful, with connections being formed across business, the third sector, and local government. However, maintaining the base income of the front-of-house café bar, intended to cover the costs of staffing and basic expenses, has been a challenge.
Beyond the expected cost of living crisis causing cutbacks in personal and business spending, the Fourth Portal encountered unexpected setbacks outside its control. The neighbouring 40-bedroom hotel ceased trading, and the developer building 240 new flats above the old 120-space car park opposite Fourth Portal entered liquidation. There is now little car parking within 10 minutes of walking. Additionally, the Tilbury Ferry, also an immediate neighbour and the vital foot link between Essex and Kent across the River Thames, lost its subsidy, causing it to close, destroying 60% of Gravesend's foot traffic income. The impact on the Fourth Portal and all surrounding businesses has been significant.
BEYOND PLATFORM 7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Despite these setbacks, the model is beginning to generate income from its main intended sources. The Fourth Portal is being commissioned to organise, produce, and host events around new technology and work and educational practices. It provides networking and resources to encourage businesses, entrepreneurs, and individuals to engage with new technology, including AI, sooner rather than later.
Commissions to produce newspapers and organise innovation showcases are now beginning to come on stream, thanks to the success of the Fourth Portal hub, despite the continuing tricky conditions. While we are still operating at a loss, these positive developments signal that profits and new income streams are on the horizon. We remain confident and optimistic about the future, committed to our mission of fostering innovation and connectivity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 November 2022
328
328
Additions
750
750
At 31 October 2023
750
328
1,078
Depreciation and impairment
At 1 November 2022
108
108
Depreciation charged in the year
248
108
356
At 31 October 2023
248
216
464
Carrying amount
At 31 October 2023
502
112
614
At 31 October 2022
220
220
BEYOND PLATFORM 7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,599
Other debtors
601
316
601
3,915
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
433
433
Trade creditors
39
Taxation and social security
397
Other creditors
34,313
15,925
35,182
16,358
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,419
22,878