Registered number
03015714
South Kensington Business Centre Limited
Filleted Accounts
31 July 2024
South Kensington Business Centre Limited
Registered number: 03015714
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,053 1,541
Tangible assets 4 10,791 12,311
11,844 13,852
Current assets
Stocks 3,500 3,500
Debtors 5 186,715 185,595
Cash at bank and in hand 19,146 68,556
209,361 257,651
Creditors: amounts falling due within one year 6 (115,665) (147,887)
Net current assets 93,696 109,764
Total assets less current liabilities 105,540 123,616
Creditors: amounts falling due after more than one year 7 (10,000) -
Net assets 95,540 123,616
Capital and reserves
Called up share capital 10 2
Profit and loss account 95,530 123,614
Shareholders' funds 95,540 123,616
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.
Hamideh Hashemi
Director
Approved by the board on 8 January 2025
South Kensington Business Centre Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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 the 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:
Land & buildings 15% reducing balance
Plant & Machinery 25% reducing balance
Fixtures & Fittings 15% reducing balance
Office Equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 4
3 Intangible fixed assets £
Cost
At 1 August 2023 129,875
At 31 July 2024 129,875
Amortisation
At 1 August 2023 128,334
Provided during the year 488
At 31 July 2024 128,822
Net book value
At 31 July 2024 1,053
At 31 July 2023 1,541
Franchise is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Office Equipments Total
£ £ £ £
Cost
At 1 August 2023 39,411 26,886 - 66,297
Additions - - 1,120 1,120
At 31 July 2024 39,411 26,886 1,120 67,417
Depreciation
At 1 August 2023 30,675 23,311 - 53,986
Charge for the year 1,522 894 224 2,640
At 31 July 2024 32,197 24,205 224 56,626
Net book value
At 31 July 2024 7,214 2,681 896 10,791
At 31 July 2023 8,736 3,575 - 12,311
5 Debtors 2024 2023
£ £
Prepayments 13,072 12,893
London Property Loan 170,046 170,046
Account receivables 3,597 -
VAT - 2,656
186,715 185,595
6 Creditors: amounts falling due within one year 2024 2023
£ £
Deferred Income 76,798 76,798
Trade creditors 6,638 30,000
Director's Loan Account 1,670 58
Taxation and social security costs 26,145 26,257
Other creditors 4,414 14,774
115,665 147,887
7 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,000 -
8 Other information
South Kensington Business Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Old Brompton Road
London
United Kingdom
SW7 3SS
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