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Company Registration No. 01755609 (England and Wales)
Finsbury Business Centre Limited(the) Unaudited accounts for the year ended 31 March 2024
Finsbury Business Centre Limited(the) Unaudited accounts Contents
Page
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Finsbury Business Centre Limited(the) Company Information for the year ended 31 March 2024
Directors
Primrose Pearl Hudson Hugh James Hudson Martin Arthur Hudson Ian Alexander Hudson
Secretary
M A Hudson
Company Number
01755609 (England and Wales)
Registered Office
Unit 302 40 Bowling Green Lane London EC1R 0NE
Accountants
GoForma Forma House 40 Bowling Green Ln London EC1R 0NE
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Finsbury Business Centre Limited(the) Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,488,676 
1,602,099 
Current assets
Debtors
4,905,516 
4,845,769 
Cash at bank and in hand
268,459 
417,374 
5,173,975 
5,263,143 
Creditors: amounts falling due within one year
(829,208)
(887,300)
Net current assets
4,344,767 
4,375,843 
Total assets less current liabilities
5,833,443 
5,977,942 
Creditors: amounts falling due after more than one year
- 
(147,751)
Provisions for liabilities
Deferred tax
(34,067)
(32,285)
Net assets
5,799,376 
5,797,906 
Capital and reserves
Called up share capital
1,000 
1,000 
Revaluation reserve
459,739 
459,739 
Profit and loss account
5,338,637 
5,337,167 
Shareholders' funds
5,799,376 
5,797,906 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by
Hugh James Hudson Director Company Registration No. 01755609
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Finsbury Business Centre Limited(the) Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Finsbury Business Centre Limited(the) is a private company, limited by shares, registered in England and Wales, registration number 01755609. The registered office is Unit 302, 40 Bowling Green Lane, London, EC1R 0NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
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.
Presentation currency
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 £.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at valuation 31st March 2024 plus additions at cost less depreciation. 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: 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.
Land & buildings
Over the lease period
Plant & machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
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Finsbury Business Centre Limited(the) Notes to the Accounts for the year ended 31 March 2024
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 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.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Finsbury Business Centre Limited(the) Notes to the Accounts for the year ended 31 March 2024
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. same tax authority.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement Benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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Finsbury Business Centre Limited(the) Notes to the Accounts for the year ended 31 March 2024
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
3,414,638 
359,421 
206,772 
3,980,831 
Additions
- 
- 
21,601 
21,601 
At 31 March 2024
3,414,638 
359,421 
228,373 
4,002,432 
Depreciation
At 1 April 2023
1,931,745 
330,980 
116,007 
2,378,732 
Charge for the year
120,552 
3,344 
11,128 
135,024 
At 31 March 2024
2,052,297 
334,324 
127,135 
2,513,756 
Net book value
At 31 March 2024
1,362,341 
25,097 
101,238 
1,488,676 
At 31 March 2023
1,482,893 
28,441 
90,765 
1,602,099 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
118,539 
265,460 
Amounts due from group undertakings etc.
4,604,282 
4,368,511 
Accrued income and prepayments
38,112 
89,284 
Other debtors
144,583 
122,514 
4,905,516 
4,845,769 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
147,751 
287,966 
VAT
55,367 
74,300 
Trade creditors
52,211 
66,924 
Taxes and social security
33,807 
114,888 
Other creditors
219,993 
197,914 
Accruals
320,079 
145,308 
829,208 
887,300 
Included in creditors falling due within one year is £147,751 (2023 - £287,966) which is secured by a fixed and floating charge over the assets of the company and its parent.
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Finsbury Business Centre Limited(the) Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
147,751 
8
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than five years
986,988 
1,167,124 
9
Transactions with related parties
During the year the company provided an interest free loan to its parent company, Jumpeight Limited. At 31 March 2024 the balance outstanding was £3,545,782 (2023 - £3,402,511). During the year the company provided an interest free loan to an associated company, EC1R Limited. At 31 March 2024 the balance outstanding was £1,058,500 (2023 - £966,000).
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).
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