The directors present their annual report and financial statements for the year ended 31 March 2025.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Kingston Burrowes Audit Ltd be reappointed as auditor of the company will be put at a General Meeting.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Overview and Mission Statement

Portobello Business Centre (PBC), established in 1995 as a not-for-profit social enterprise, is dedicated to empowering and nurturing small businesses across the UK. Our mission is to provide comprehensive support and resources to foster business growth from inception through to success, ensuring inclusivity for all aspiring entrepreneurs.

PBC has consistently been a leading provider of business development services in West London, with an expanding reach into the broader London area. We offer a diverse range of services, including bespoke business advice, entrepreneurship programmes, workshops and events. To date, PBC has supported thousands of businesses, from pre-startups to established SMEs, across various industries. Our deep expertise enables us to engage meaningfully with clients from a wide variety of backgrounds, helping them grow, develop and sustain their ventures.

Governance and Leadership

PBC is currently undergoing a transition as four of its non-executive directors have resigned. This change will impact the strategic oversight and governance provided by the board, which has traditionally consisted of a stable group of five directors.

The remaining directors will continue to leverage their experience to keep PBC aligned with its mission and strategic objectives. The Chairman currently holds a dual role as both Chairman and CEO, overseeing the governance and operational management of the organization.

A small but dedicated staff team supports the day-to-day operations and service delivery. This includes experienced business advisors who work closely with clients to offer tailored business advice and support. Together, the team ensures that PBC's services remain effective and accessible to the community.

Financial Review

The financial results for the year demonstrate PBC’s ongoing commitment to supporting businesses and individuals during a challenging economic period. PBC derives its income from a combination of local council funding, UK Government grants, commercial activities and a rental asset. This diverse funding mix allows us to meet the business development needs of a broad spectrum of individuals, including those from vulnerable groups, ethnic minorities, young entrepreneurs and people with disabilities.

Going Concern

PBC is a non-profit organization focused on providing business development services. It depends on a select group of partners for funding. While the organization maintains a strong balance sheet with considerable net assets, a significant portion of these assets consists of illiquid investments.

PBC has successfully increased its current net assets, rising by £48.6k over the past year. This increase has contributed to overall financial resilience, bringing the total to £253k (up from £205k in the 2023/2024 fiscal year). This increase helps to reduce potential funding shortfalls from decreased rental income or limited financial support sources.

The Board aims to continue providing essential services to its local community, expand its funding sources and geographical reach, and decrease dependence on rental income from investment properties.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

Portobello Business Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is Morley College North Kensington Centre, Wornington Road, London, W10 5QQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 surplus or deficit.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

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, 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.

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, 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.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The average monthly number of persons (including directors) employed by the company during the year was:

The investment property was revalued by the directors at 31 March 2017 and this was based upon valuations obtained from two property valuers. Directors understand their GAAP responsibilities concerning the regular revaluation of investment property. However, the directors are of the opinion that there is no material change to this valuation since 2017. Further, a formal updated independent revaluation has not been sought due to the prohibitive cost of doing this (around £5k) in relation to PBC's stakeholder management, being a not-for-profit and the fact that we have made the choice to invest instead in providing self-employment and business development services to people considering starting or developing a business.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

The revaluation reserve represents the amount by which the fair value of the investment property exceeds historic cost. Fair value gains and losses reported in the income statement are transferred to the revaluation reserve.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.