Registration number:
Trading as West London Business and Park Royal Business Group
(A company limited by guarantee)
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 |
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Directors' Report | 4 to 9 |
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Independent Auditor's Report | 10 to 12 |
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Statement of Financial Position | 13 to 14 |
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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 |
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Chair | |
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Chief executive | |
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Directors | |
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Registered office | |
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Auditors | |
| 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.
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
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
Small companies provision statement
Approved by the Board on
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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 |
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• | 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 |
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• | the financial statements are not in agreement with the accounting records and returns; or |
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• | certain disclosures of directors' remuneration specified by law are not made; or |
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• | we have not received all the information and explanations we require for our audit; or |
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• | 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
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For and on behalf of Johnson Smith & Co Ltd
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Staines-Upon-Thames
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
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Fixed assets |
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Tangible assets | 5 | ||
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Current assets |
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Debtors | 6 | ||
Cash at bank and in hand |
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Creditors: Amounts falling due within one year | 7 | ( | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year | 7 | ( | ( |
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Net assets |
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Reserves |
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Retained earnings |
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Surplus |
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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 delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved and authorised by
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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
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
Basis of preparation
Going concern
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
Government grants
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.
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
Asset class | Depreciation method and rate |
Office equipment |
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
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
Operating lease agreements
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:
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Social security costs | ||
Other short-term employee benefits | ||
Pension costs, defined contribution scheme | ||
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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
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Director (excluding non-executive) | ||
Administration staff | ||
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Directors' remuneration
The directors' remuneration for the year was as follows:
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| £ | £ |
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Remuneration |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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| No. | No. |
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Accruing benefits under money purchase pension scheme |
4 Auditors' remuneration
| 2024 | 2023 |
| £ | £ |
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Audit of the financial statements |
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
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Cost |
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At 1 April 2023 | ||
Additions | ||
Disposals | ( | ( |
Transfers | ( | ( |
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At 31 March 2024 | ||
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Depreciation |
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At 1 April 2023 | ||
Charge for the year | ||
Eliminated on disposal | ( | ( |
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At 31 March 2024 | ||
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Carrying amount |
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At 31 March 2024 | ||
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At 31 March 2023 |
6 Debtors
| 2024 | 2023 |
Current | £ | £ |
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Trade debtors | ||
Prepayments | ||
Other debtors | ||
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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
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| Note | £ | £ |
Due within one year |
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Loans and borrowings | 8 | ||
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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
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Due after one year |
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Loans and borrowings | 8 |
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 |
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Bank borrowings |
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 |
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Bank borrowings |
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.