Registration number: 02934029

 

 

 

 

 

 

 

 

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

(A company limited by guarantee)

 

Annual Report and Audited Financial Statements Financial Statements

 

for the Year Ended 31 March 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Johnson Smith & Co Ltd

Chartered Accountants and Statutory Auditors

Centurion House

London Road

Staines-Upon-Thames

Surrey

TW18 4AX

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Contents

 

Company Information

3

 

 

Directors' Report

4 to 9

 

 

Independent Auditor's Report

10 to 12

 

 

Statement of Financial Position

13 to 14

 

 

Notes to the Audited Financial Statements

15 to 23

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Company Information

 

Board

 

 

 

Chair

S B Patel

 

 

Chief executive

A S Dakers

 

 

Directors

M Penfold

 

R K Coffin

 

J M Macfarlane

 

G J Rodgers

 

A L Cast

 

J M Whiteley

 

C E Hammond

 

F J Hammond

 

 

Registered office

The Shipping Building

 

The Old Vinyl Factory

 

Blyth Road

 

Hayes

 

Middlesex

 

UB3 1HA

 

 

Auditors

Johnson Smith & Co Ltd

 

Chartered Accountants and Statutory Auditors

 

Centurion House

 

London Road

 

Staines-Upon-Thames

 

Surrey

 

TW18 4AX

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

The directors present their report and the financial statements for the year ended 31 March 2024.

 

Principal activity

The principal activity of West London Business (WLB) is convening senior business leaders in the world's most connected place. With their sponsorship WLB ensures West London is a successful, inclusive environment for responsible business. Our members work together through WLB to maintain our global economic competitiveness and catalyse action for people and planet.

 

The company's principal activity in the year under review was providing services to members and key stakeholders in West London: Smaller businesses; Larger businesses; Investors; Educationalists; and Policy makers.

 

Our core geography is the seven West London Alliance (WLA) boroughs of Barnet, Brent, Ealing, Hammersmith and Fulham, Harrow, Hillingdon, and Hounslow, although some programme delivery extends across the capital, particularly in the area of environmental sustainability where we are establishing a centre of excellence. Public sector partners include the Old Oak and Park Royal Development Corporation (OPDC), the Department for Education and City Hall.

 

The West London Business Awards (our eleventh in February 2024 at Twickenham Stadium) recognise business excellence in the sub-region.

 

Our work seeks to translate the UN Sustainable Development Goals (SDGs) into practice at a local level. We are a signatory to the UN Global Compact and a member of UN Global Compact Network UK. We are recognised by the UNFCCC as a COP observer organisation. We are a member of the UK Innovation Districts Group and Project Perseus, which is seeking to establish an equivalent to the open banking standard for businesses' energy consumption data.

 

WLB works in close partnership with the WLA on a number of initiatives, as well as two key bodies it convenes: The West London Economic Prosperity Board and the West London Skills & Employment Board.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

Review of business

The company recorded a surplus of £9,954 for the year under review (2022/23: £115,139). This reflected our continued fiscal discipline, but also a tightening of the public sector funding environment and rising costs to deliver complex programmes. As a not-for-profit organisation WLB is reliant on the significant contribution of volunteers, without which we would not be viable. Volunteers giving substantial time to the organisation include our board Chair Shanker Patel and the fellow directors.

 

Our delivery during 2023/24 was oriented around the needs of five key stakeholder groups:

 

Smaller businesses

1) - Green Business Action, which has three strands:

2) - Better Futures - in its fifth year working alongside delivery partners City Hall, Imperial College London and Sustainable Ventures. One strand of the programme provides specialist support to cleantech businesses with WLB focussing on ‘go to market' support. WLB leads on the strand of the programme that since January 2021 supports SMEs across the capital planning their transition to net zero. By the end of March 2025 our target is to have supported 1000 SMEs.

3) - Tower Hamlets Energy Reduction Programme - supporting about 40 businesses in London Borough of Tower Hamlets with energy audits and sometimes grants to reduce their consumption.

4) - Hackney Impact - Energy advice to 50+ businesses in London Borough of Hackney by the end of March 2025. These businesses will then be eligible for grants to be distributed by Hackney Council.

5) - Over 30 events through the year provided opportunities for business leaders to connect and get deals done. This included supporting partner events such as the Heathrow Business Summit and the launch of Segro's V-Park Grand Union.

6) - Park Royal Business Group (PRBG) continued to provide insight, voice, and connections for the businesses of London's largest industrial estate with continued financial support from OPDC.

 

Larger businesses

- West London Corporate Leaders Action Group (CLAG) convened the CEOs of some of West London's largest businesses to address the key strategic concerns facing the sub-region. John Holland-Kaye's (Heathrow) tenure as Chair of CLAG came to an end and the baton was passed to Chair designate Kim Challis (APCOA).

- London West Innovation Network (LWIN). For larger businesses the LWIN platform is an efficient route to identify high value, fast growth innovators in the sub-region with which to collaborate. Delivery in FY23/24 was largely focused on the Accelerate Ealing programme, funded by Ealing Council through the UK Shared Prosperity Fund (UKSPF).

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

Educationalists

- West London Local Skills Improvement Plan (LSIP) has been coordinated by West London Business and West London Alliance. This technical/vocational education plan for the sub-region was funded by the Department for Education through Business LDN and published in August 23 following sign off from the Secretary of State for Education. It forms part of the London LSIP. The project also included extensive work for the pan-London LSIP on opening up course data working with The Open Data Institute, Rocket Science and Cetis LLP. In Summer 23 our focus shifted to supporting the Local Skills Improvement Fund (LSIF) investment in realising the ambitions of the LSIP. An interim, then full-time, Employment & Skills Partnerships Director has been appointed to lead this area of our work. This has seen WLB take a hands-on role in supporting the first West London Youth Careers Summit and the launch of a West London Retails Skills Hub at Westfield.

 

- West London Universities Partnership, to which WLB provides the secretariat, helps cultivate the connections vital in developing an employer-responsive education ecosystem.

- West London Institute of Technology - We continue our active involvement as founding partners alongside HCUC, Brunel University London, Heathrow and Fujitsu.

 

Investors

- At MIPIM, West London Business (WLB) promotes West London as a key business location and inward investment destination. In March 2024 we hosted a well-attended breakfast.

- Creative Enterprise West (Creative Enterprise Zone) and Screen Capital West, in partnership with London Borough of Hounslow and others, continued to catalyse growth in the creative/ screen industries. The programme is now in its fifth year.

 

Policy-makers

- We continued to convene four policy working groups: Education & skills; Environment & climate change; The built environment; and Transport & infrastructure.

- Cross Party Group for West London - chaired by Lord Young of Norwood Green with WLB providing the secretariat.

- COP28 - We led our second West London delegation to COP 28 of 15 delegates at the Dubai summit and a fringe event hosted by Buro Happold in partnership with Project Perseus Bankers for Net Zero.

 

Future developments

Given the significant macro-economic and geopolitical challenges facing the UK and London as its capital, the support and advice that WLB provides to our members and partners, as well as the ability to convene a collective voice, remains vitally important. We believe this is vital to our future financial sustainability and impact. Our staffing structure remains agile, to adapt to meet the evolving programme of delivery.

 

Over the past two years our 2023-25 Business Plan for West London Business has been in development and consulted upon. The final document was published in September 2023.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

Priorities include:

- Climate change: Expanding our work on the climate emergency by expanding Green Business Action to support SME adaptation as well as mitigation across the capital;

- Energy & infrastructure: Ensuring constraints in West London's energy supply network are addressed by SSEN and National Grid ESO;

- Education and skills: Working on the delivery of the LSIP recommendations through the LSIF, supporting the West London Universities Partnership and West London Institute of Technology;

- The built environment: Working with the West London Alliance on the next phase of the sub-region's inward investment strategy;

- Inclusion: Encouraging small businesses on inclusive recruitment and retention of staff by supporting the WLA's Inclusive Workplaces Network.

- Growth and innovation: Continuing to develop the London West Innovation Network, supported by West London Corporate Leaders Action Group.

 

In the coming financial year, having taken the advice of fundraising specialists, we will explore spinning out the Green Business Action programme into a standalone charity from 1 April 2025.

 

West London Business is working to reduce its own carbon footprint to zero by 2030, we are also supporting our members and many other businesses in this transition. In March 2023, we undertook our third carbon footprint exercise and concluded that our emissions across scopes 1, 2 and 3 were around 70.6 tonnes CO2e per annum - March 2024 (173.8 tonnes CO2e per annum - February 2021). We maintain monthly carbon offset payments (as a transitionary measure) to Forest Carbon of £179 per month and engage with our top five suppliers to understand and support their carbon reduction strategies.

 

Directors of the company

The directors who held office during the year were as follows:

S B Patel (Chair)

A S Dakers (Chief executive)

M Penfold

R K Coffin

J M Macfarlane

G J Rodgers

A L Cast

J M Whiteley

C E Hammond (15 Nov 23)

F J Hammond (15 Nov 23)

 

Financial risk

The principal financial risk is that of not meeting the company's current and non-current obligations which it mitigates effectively by managing its cash flow and credit control.

 

From a financial perspective, debt recovery requires continued focus, so we are being more rigorous than ever with our internal credit control procedures in this regard. In May 2020 we took on a £50k Bounce Back loan to support our cash flow and we continued to pay back capital & interest in FY2023/24.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

Going concern

The company's business activities, performance and position together with its principal risks and uncertainties are likely to affect its future development and performance. The directors, having made enquiries and reviewed the forecasts and in light of the opportunities and facilities available, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, it is reasonable to continue to adopt the going concern basis in preparing the Annual Report and Accounts.

 

Directors' insurance and indemnities

The Company has maintained throughout the year Directors' and officers' liability insurance for the benefit of the Company, the Directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006.

 

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors 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). 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 of the surplus or deficit 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 judgements and accounting estimates that are reasonable and prudent;

- 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. They 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.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Directors' Report for the Year Ended 31 March 2024

 

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

 

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Approved by the Board on 20 December 2024 and signed on its behalf by:

 

 

 

 

………………………

S B Patel

Chairman

Independent Auditor's Report to the Members of West London Business Ltd

 

Opinion

We have audited the financial statements of West London Business Ltd (the 'company') for the year ended 31 March 2024, which comprise the Statement of Financial Position, and Notes to the Audited Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its surplus for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006

 

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 Auditors' 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 FRC's Ethical Standard, 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 director's 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 original financial statements were 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 annual report, other than the financial statements and our auditor's report thereon. 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.

 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Independent Auditor's Report to the Members of West London Business Ltd

 

Opinion on other matter 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 applicable legal requirements.

 

Matters on which we are required to report by exception

In the light of our 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

 

 

the 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' report on page six, 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 Responsibilities for the audit of the financial statements

Our 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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.

 

Our audit complies with ISAs (UK) and includes the following audit procedures likely to disclose irregularities or fraud in transactional or reporting material under audit review.

Independent Auditor's Report to the Members of West London Business Ltd

 

-Identify and assess material misstatements and if found, obtain audit evidence sufficient to determine whether they are due to fraud or error. Our audit takes account that the risk of not detecting fraud is greater than for material misstatement, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

-Understand the internal controls relevant to the audit and take account of that knowledge in designing audit procedures that are effective, including for the detection of any fraud or irregularities.

-Evaluate the appropriateness of accounting policies and estimates, and related disclosures made by the directors.

-Assess whether there is any material uncertainty in relation to events or conditions that may cast significant doubt on the group reporting as a going concern.

-Evaluate the appropriate presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieve fair presentation.

-Evaluated the conduct of operations in relation to laws and other regulations including but not limited to, intellectual property, commercial trading, data protection, money laundering, and employment. Our evaluation took account of whether any non-compliance would have a material effect on the financial statements.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we may identify during our audit.

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them 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.

 

 

 

 

………………………….

Maurice Brooks (Senior Statutory Auditor)

For and on behalf of Johnson Smith & Co Ltd

Chartered Accountants and Statutory Auditors

Centurion House

London Road

Staines-Upon-Thames

Surrey

TW18 4AX

 

Date:……………………..

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

(Registration number: 02934029)

Statement of Financial Position as at 31 March 2024

 

 

 

2024

2023

 

Note

£

£

 

 

 

 

Fixed assets

 

 

 

Tangible assets

5

6,339

7,334

 

 

 

 

Current assets

 

 

 

Debtors

6

321,609

323,959

Cash at bank and in hand

 

298,088

404,512

 

 

 

 

 

 

619,697

728,471

Creditors: Amounts falling due within one year

7

(409,462)

(510,895)

 

 

 

 

Net current assets

 

210,235

217,576

 

 

 

 

Total assets less current liabilities

 

216,574

224,910

 

 

 

 

Creditors: Amounts falling due after more than one year

7

(6,026)

(22,557)

 

 

 

 

Net assets

 

210,548

202,353

 

 

 

 

Reserves

 

 

 

 

 

 

 

Retained earnings

 

210,548

202,353

 

 

 

 

Surplus

 

210,548

202,353

 

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

(Registration number: 02934029)

Statement of Financial Position as at 31 March 2024

 

These financial statements have been prepared 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 Income Statement.

 

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:

 

 

 

 

……………………….

M Penfold

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The notes on pages 15 to 23 form an integral part of these financial statements.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

1     General information

 

The company is a company limited by guarantee, incorporated in England , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

 

The address of its registered office is:

The Shipping Building

The Old Vinyl Factory

Blyth Road Hayes

Middlesex

UB3 1HA

 

The principal place of business is:

Venture X White City

1 Ariel Way

London

W12 7SL

England

 

These financial statements were authorised for issue by the Board on 20 December 2024.

 

2     Accounting policies

 

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 presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency.

 

Going concern

The financial statements have been prepared on a going concern basis. The financial statements have been prepared on a going concern basis. The company successfully modified its business model to respond to the extreme challenges of the COVID-19 pandemic, including identifying and accessing new revenue streams. The company has continued to build on the strategic partnerships that deepened during the pandemic and, in the view of the directors, continues to be well placed to build on its many relationships with public and private sector organisations and to continue to generate sufficient income to cover its obligations. The year under review has shown a net profit of £9,954 (2022/23 - £115,139) and a new asset position of £212,306 (2022/23 - £202,353).The directors have reviewed the forecasts of the company for the period through to 2024/25, including reflecting on vulnerabilities and sensitivities, and have concluded that the company will continue to be able to settle its obligations as they fall due and on the basis of that review they have determined that it is appropriate to prepare the accounts on a going concern basis and that there is, accordingly, no impact on the recognition and measurement of assets and liabilities adopted in these financial statements.

true

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

Income recognition

Turnover includes the value of services recognised in the year as and when invoiced, and the receipt from events and membership fees excluding value added tax. These are accounted for on an accrual basis when the company is entitled to the income and the amounts can be quantified with accuracy. Turnover also encompasses the value of projects which are carried out on behalf of government agencies, recognised as follows:

 

Government grants

Grants are accounted for under the accrual model and classified either as a grant relating to revenue (revenue-based grant) or a grant relating to assets (capital-based grants). Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable provided that the terms of the grant do not impose future performance-related conditions. Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability. Government grants in relation to tangible fixed assets are credited to profit or loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit or loss. Grants which are not necessarily made in cash are measured at the fair value of the asset received or receivable.

 

Deferred income

The membership subscription payments are charged on an annual basis. For accounting purposes membership payments are recorded when the invoices are raised and recognised as a liability for services to be rendered, they are then apportioned over the subsequent twelve months in equal amounts, and renewal payments are treated on a similar basis.

 

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

 

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Items purchased for less than £500 are expensed in profit or loss account. They are recorded on the Company Asset Register with a £nil value for tracking/control purposes.

 

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

Office equipment

33% on cost

 

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

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 services performed in the ordinary course of its business. Trade debtors are recognised initially at the transaction price.

 

A provision for impairment of trade receivables 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 receivables. The amount of the doubtful debt provision is recognised in profit or loss as an operating expense.

 

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 profit or loss 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.

 

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risk of the ownership remain with the lessor are charged to profit or loss on a straight line basis over the period of lease.

 

Company Limited By Guarantee

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on ………………… was Maurice Brooks (Senior Statutory Auditor), who signed for and on behalf of Johnson Smith & Co Ltd

Chartered Accountants and Statutory Auditors

Centurion House

London Road

Staines-Upon-Thames

Surrey

TW18 4AX

 

 

 

 

………………………….

 

3     Staff costs

 

The aggregate payroll costs (including directors' remuneration) were as follows:

 

 

2024

2023

 

£

£

 

 

 

Wages and salaries

402,594

395,395

Social security costs

44,308

36,452

Other short-term employee benefits

3,147

2,668

Pension costs, defined contribution scheme

40,790

33,600

 

 

 

 

490,839

468,115

 

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

 

2024

2023

 

No.

No.

 

 

 

Director (excluding non-executive)

1

1

Administration staff

10

10

 

 

 

 

11

11

Directors' remuneration

 

The directors' remuneration for the year was as follows:

 

 

2024

2023

 

£

£

 

 

 

Remuneration

54,018

48,419

 

During the year the number of directors who were receiving benefits and share incentives was as follows:

 

 

2024

2023

 

No.

No.

 

 

 

Accruing benefits under money purchase pension scheme

1

1

 

4     Auditors' remuneration

 

 

2024

2023

 

£

£

 

 

 

Audit of the financial statements

5,265

4,875

 

Bad and doubtful debts

The income statement includes provision for bad debt of £7,139 (2023: £20,634 - released back). During the year, WLB continued to invest in chasing debts and operating robust member on-boarding processes that includes signed membership agreements to reduce business risk in this area and the level of write-offs.

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

5     Tangible assets

 

 

Office

 

 

equipment

Total

 

£

£

Cost

 

 

At 1 April 2023

21,145

21,145

Additions

3,399

3,399

Disposals

(1,452)

(1,452)

Transfers

(100)

(100)

 

 

 

At 31 March 2024

22,992

22,992

 

 

 

Depreciation

 

 

At 1 April 2023

13,811

13,811

Charge for the year

4,011

4,011

Eliminated on disposal

(1,169)

(1,169)

 

 

 

At 31 March 2024

16,653

16,653

 

 

 

Carrying amount

 

 

At 31 March 2024

6,339

6,339

 

 

 

At 31 March 2023

7,334

7,334

 

6     Debtors

 

 

2024

2023

Current

£

£

 

 

 

Trade debtors

149,027

280,999

Prepayments

163,861

33,472

Other debtors

8,721

9,488

 

 

 

 

321,609

323,959

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

7     Creditors

 

Creditors: amounts falling due within one year

 

 

 

2024

2023

 

Note

£

£

Due within one year

 

 

 

Loans and borrowings

8

4,022

9,832

Trade creditors

 

64,561

69,294

Taxation and social security

 

14,204

9,543

Accruals and deferred income

 

264,277

368,249

Other creditors

 

62,398

53,977

 

 

 

 

 

 

409,462

510,895

 

The amounts included within deferred income relate to the members' fees invoiced in advance and deferred for the purpose of recognising the income in the relevant period.

Creditors include a bank loan of £4,022 (2023 - £9,832).

 

Creditors: amounts falling due after more than one year

 

 

 

2024

2023

 

Note

£

£

 

 

 

 

Due after one year

 

 

 

Loans and borrowings

8

6,026

22,557

 

In May 2020, as a result of the COVID-19 outbreak the company acquired a long term bank loan of £50,000 funding under the Government backed Bounce Back Loan (BBL) scheme which was designed to support UK businesses at an interest rate of 2.50% pa and is repayable by 2026.

 

Creditors include an outstanding Bounce Bank bank loan of £6,026 (2023 - £22,557) at the reporting date and repayable by instalments.

 

8     Loans and borrowings

 

 

2024

2023

 

£

£

Non-current loans and borrowings

 

 

Bank borrowings

6,026

22,557

West London Business Ltd

 

Trading as West London Business and Park Royal Business Group

 

Notes to the Audited Financial Statements for the Year Ended 31 March 2024

 

 

2024

2023

 

£

£

Current loans and borrowings

 

 

Bank borrowings

4,022

9,832

 

9     Related party transactions

 

Summary of transactions with key management

The employer companies of all WLB company directors, with the exception of the Chief Executive, pay an annual membership subscription to WLB. Moore Kingston Smith LLP received £26,896 plus VAT in fees for book-keeping and accountancy services in 2023/24. Moore Kingston Smith LLP contributed £1,080 plus VAT to WLB as a membership subscription in 2023/24. Moore Kingston Smith LLP's supplier contract was awarded with effect from 1 April 2016 under a ompetitive tender exercise in which M B Penfold withdrew from any involvement in the selection process.

 

Custodianship

West London Business has a secondary bank account with HSBC named ‘Kickstart'. First set-up to hold third party funds for delivering the Government's Kickstart programme during the pandemic WLB continues to use this account to hold grant funds that will be distributed to other businesses where it has a custodian role, typically relating to Green Business Action programme delivery. The balance on the account was £40,162.65 on 31 March 2024.