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COMPANY REGISTRATION NUMBER:
02752858
Trafalgar Business Centre Management Company (No.2) Limited |
|
Directors' Report and Financial Statements |
|
Trafalgar Business Centre Management Company (No.2) Limited |
|
Year ended 31 December 2023
Independent auditor's report to the members |
3 to 6 |
|
|
Statement of income and retained earnings |
7 |
|
|
Statement of financial position |
8 to 9 |
|
|
Notes to the financial statements |
10 to 13 |
|
|
Trafalgar Business Centre Management Company (No.2) Limited |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
DIRECTORS
The directors who served the company during the year were as follows:
Mr James Albert Phillips |
|
Mr James Daniel Phillips |
|
|
|
DIVIDENDS
The directors do not recommend the payment of a dividend.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law)including Section 1A of FRS102 - Financial Reporting Standards 102, the Financial Reporting Standard applicable in the UK and Ireland. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK accounting policies have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS
Each director who held office at the date of approval of this directors' report confirms that: - so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and - the director has taken all steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. AUDITOR The Auditor, Anderson Ross LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board of directors on
12 September 2024
and signed on behalf of the board by:
Mr James Albert Phillips |
Director |
|
Trafalgar Business Centre Management Company (No.2) Limited |
|
Independent Auditor's Report to the Members of
Trafalgar Business Centre Management Company (No.2) Limited |
|
Year ended 31 December 2023
OPINION
We have audited the financial statements of Trafalgar Business Centre Management Company (No.2) Limited (the 'Company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council ('FRS 102') (United Kingdom Generally Accepted Accounting Practice - UK GAAP). In our opinion the financial statements: - give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended; - have been properly prepared in accordance with UK GAAP; and - have been prepared in accordance with the requirements of the Companies Act 2006 (the 'Act').
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities in the circumstances set out in Note 3 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the Directors' Report but does not include the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Directors' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or, otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Directors' Report for the financial year for which the financial statements are
prepared, is consistent with the financial statements; and
-
the Directors' Report has been prepared in accordance with the applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or - the Company's financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
The auditor's objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes the auditor's opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (UK) (ISAs (UK)) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the website of the Financial Reporting Council at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. The extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach in identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, was as follows: - We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the Company's business sector. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by, amongst others: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we, amongst others: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the Company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
USE OF OUR REPORT
This report, including the opinions, is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Act. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to the members in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr. Naraidoo Savomy FCA FCCA CTA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Anderson Ross LLP |
Statutory Auditor |
22 West Green Road |
London |
United Kingdom, N15 5NN |
|
12 September 2024
Trafalgar Business Centre Management Company (No.2) Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 31 December 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
4 |
56,543 |
49,399 |
|
|
|
|
|
-------- |
-------- |
Gross profit |
56,543 |
49,399 |
|
|
|
Administrative expenses |
(
56,627) |
(
49,052) |
|
|
-------- |
-------- |
Operating (loss)/profit |
5 |
(
84) |
347 |
|
|
|
|
|
-------- |
-------- |
(Loss)/profit before taxation |
(
84) |
347 |
|
|
|
Tax on (loss)/profit |
– |
– |
|
---- |
---- |
(Loss)/profit for the financial year and total comprehensive income |
(
84) |
347 |
|
---- |
---- |
|
|
|
Retained earnings at the start of the year |
2,057 |
1,710 |
|
------- |
------- |
Retained earnings at the end of the year |
1,973 |
2,057 |
|
------- |
------- |
|
|
|
All the activities of the company are from continuing operations.
Trafalgar Business Centre Management Company (No.2) Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Current assets
Debtors |
8 |
1,969 |
|
6,685 |
Cash at bank and in hand |
3,950 |
|
2,270 |
|
------- |
|
------- |
|
5,919 |
|
8,955 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
3,943) |
|
(
6,899) |
|
------- |
|
------- |
Net current assets |
|
1,976 |
2,056 |
|
|
------- |
------- |
Total assets less current liabilities |
|
1,990 |
2,074 |
|
|
------- |
------- |
Net assets |
|
1,990 |
2,074 |
|
|
------- |
------- |
|
|
|
|
|
Trafalgar Business Centre Management Company (No.2) Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
10 |
|
17 |
17 |
Profit and loss account |
|
1,973 |
2,057 |
|
|
------- |
------- |
Shareholders funds |
|
1,990 |
2,074 |
|
|
------- |
------- |
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
These financial statements were approved by the
board of directors
and authorised for issue on
12 September 2024
, and are signed on behalf of the board by:
Mr James Albert Phillips |
Director |
|
Company registration number:
02752858
Trafalgar Business Centre Management Company (No.2) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Trafalgar Business Centre, 77-89 River Road, Barking, Essex, IG11 0JU, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in pound sterling, which is the functional currency of the entity
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
Turnover arises from:
|
2023 |
2022 |
|
£ |
£ |
Rendering of services |
56,543 |
49,399 |
|
-------- |
-------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
4 |
4 |
Impairment of trade debtors |
(2,005) |
(2,022) |
|
------- |
------- |
|
|
|
6.
Auditor's remuneration
|
2023 |
2022 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
2,150 |
2,150 |
|
------- |
------- |
|
|
|
7.
Tangible assets
|
Fixtures and fittings |
Total |
|
£ |
£ |
Cost |
|
|
At 1 January 2023 and 31 December 2023 |
500 |
500 |
|
---- |
---- |
Depreciation |
|
|
At 1 January 2023 |
482 |
482 |
Charge for the year |
4 |
4 |
|
---- |
---- |
At 31 December 2023 |
486 |
486 |
|
---- |
---- |
Carrying amount |
|
|
At 31 December 2023 |
14 |
14 |
|
---- |
---- |
At 31 December 2022 |
18 |
18 |
|
---- |
---- |
|
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,732 |
6,448 |
Prepayments and accrued income |
237 |
237 |
|
------- |
------- |
|
1,969 |
6,685 |
|
------- |
------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
151 |
96 |
Accruals and deferred income |
2,150 |
4,229 |
Social security and other taxes |
1,106 |
2,038 |
Other creditors |
|
|
|
------- |
------- |
|
3,943 |
6,899 |
|
------- |
------- |
|
|
|
10.
Called up share capital
Authorised share capital
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
17 |
17 |
17 |
17 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|