Registration number:
West London Business Ltd
Trading as
(A company limited by guarantee)
for the Year Ended 31 March 2025
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Contents
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Company Information |
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Directors' Report |
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Independent Auditor's Report |
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Statement of Financial Position |
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Notes to the Audited Financial Statements |
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Company Information
Board
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Chair |
S B Patel |
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Chief executive |
A S Dakers |
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Directors |
M Penfold R K Coffin J M Macfarlane G J Rodgers A L Cast J M Whiteley C E Hammond F J Hammond |
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Registered office |
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Auditors |
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West London Business Ltd
Trading as West London Business and Park Royal Business Group
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
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. 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 twelfth in February 2025 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 Anthropy, 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 2025
Review of business
The company recorded a surplus of £14,487 for the year under review (2023/24: £8,196). This reflected our continued fiscal discipline, but also a continued tightening of the public sector funding environment and higher 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 fellow directors. We were proud to be awarded the 'Trusted Standard' for the first time in December 2024, reflecting the quality of our governance, operational processes and impact.
Our delivery during FY2024/25 was oriented around the needs of five key stakeholder groups:
Smaller businesses
- Green Business Action, which has three workstreams:
1) Better Futures - 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. This strand concluded at the end of March 2025.
2) 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. This strand concluded at the end of March 2025.
3) Hackney Impact - Energy advice to 66 businesses in London Borough of Hackney by the end of March 2025. These businesses were then eligible to apply for grants distributed by Hackney Council. We hope this strand will continue in FY 2025/2026.
- 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.
- After taking the advice of fundraising and legal specialists, we have established Green Business Action as Through FY25/26 we will progress transferring this programme to the new charity.
- Park Royal Business Group (PRBG) continued to provide insight, voice, and connections for the businesses of London's largest industrial estate with financial support from OPDC alongside member contributions. Notably in Park Royal we have supported Brunel University and Harper Adams University in establishing 'Park Royal Zero Food Systems' with funding from the EPSRC.
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 Chaired by Kim Challis (UK & Ireland MD, APCOA). A priority are of focus for the group is West London's energy supply.
- 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 FY24/25 was focused on the Accelerate Ealing programme, funded by Ealing Council through the UK Shared Prosperity Fund (UKSPF) and Advantage Hillingdon, funded by Hillingdon Council also through UKSPF.
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 BusinessLDN 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 was been appointed to lead this work through the end of March 25. This has seen WLB take a hands-on role in supporting the second West London Youth Careers Summit and the launch of a West London Retails Skills Hub at Westfield, with Spark! and West London College. A Logistics Careers & Skills Hub (West Thames College), Film & TV Hub(JGA) and Food & Drink Innovation & Skills Hub (West London Institute of Technology) have also been supported by WLB.
- West London Universities Partnership, to which WLB provides the secretariat, is supporting join-up on Growth & Innovation, FE-HE collaboration and local procurement.
- West London Institute of Technology (WL IoT) - We to back WL IoT as a founding partners alongside HRUC, Brunel University London, Heathrow and Fujitsu.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Directors' Report for the Year Ended 31 March 2025
Review of business
The company recorded a surplus of £14,487 for the year under review (2023/24: £8,196). This reflected our continued fiscal discipline, but also a continued tightening of the public sector funding environment and higher 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 fellow directors. We were proud to be awarded the 'Trusted Standard' for the first time in December 2024, reflecting the quality of our governance, operational processes and impact.
Our delivery during FY2024/25 was oriented around the needs of five key stakeholder groups:
Smaller businesses
- Green Business Action, which has three workstreams:
1) Better Futures - 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. This strand concluded at the end of March 2025.
2) 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. This strand concluded at the end of March 2025.
3) Hackney Impact - Energy advice to 66 businesses in London Borough of Hackney by the end of March 2025. These businesses were then eligible to apply for grants distributed by Hackney Council. We hope this strand will continue in FY 2025/2026.
- 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.
- After taking the advice of fundraising and legal specialists, we have established Green Business Action as Through FY25/26 we will progress transferring this programme to the new charity.
- Park Royal Business Group (PRBG) continued to provide insight, voice, and connections for the businesses of London's largest industrial estate with financial support from OPDC alongside member contributions. Notably in Park Royal we have supported Brunel University and Harper Adams University in establishing 'Park Royal Zero Food Systems' with funding from the EPSRC.
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 Chaired by Kim Challis (UK & Ireland MD, APCOA). A priority are of focus for the group is West London's energy supply.
- 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 FY24/25 was focused on the Accelerate Ealing programme, funded by Ealing Council through the UK Shared Prosperity Fund (UKSPF) and Advantage Hillingdon, funded by Hillingdon Council also through UKSPF.
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 BusinessLDN 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 was been appointed to lead this work through the end of March 25. This has seen WLB take a hands-on role in supporting the second West London Youth Careers Summit and the launch of a West London Retails Skills Hub at Westfield, with Spark! and West London College. A Logistics Careers & Skills Hub (West Thames College), Film & TV Hub(JGA) and Food & Drink Innovation & Skills Hub (West London Institute of Technology) have also been supported by WLB.
- West London Universities Partnership, to which WLB provides the secretariat, is supporting join-up on Growth & Innovation, FE-HE collaboration and local procurement.
- West London Institute of Technology (WL IoT) - We to back WL IoT as a founding partners alongside HRUC, 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 2025 we hosted another 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 sixth year.
Policy-makers
- We continued to convene four policy working groups: Recruitment, 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.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Directors' Report for the Year Ended 31 March 2025
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. This was reflected in the sad loss of a number of staff delivering Better Futures when UKSPF funding came to an end.
We are now reached the end of our 2023-25 Business Plan delivery period and are now developing a 2026-2028 Business Plan with input from key stakeholders.
West London's economy has stagnated since the pandemic. Under an overarching theme of 'growth' likely priorities for 2026 onwards are:
- Climate change: Refinancing our work on the climate emergency by supporting the development of Green Business Action as a charity 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, with backing from Ofgem and NESO - and continuing to advocate for progress on the West London Orbital;
- Education and skills: Updating the LSIP and its 'actionable priorities', as well as supporting the West London Universities Partnership;
- The built environment: Working with the West London Alliance on inward investment and championing policies to accelerate housebuilding and give clarity to priority commercial hubs for investment;
- Inclusive employment: Supporting small businesses on inclusive recruitment and retention of staff by establishing a new partnership with WLA and Show Trust in this area. This is likely to priorities improving health of current workforce.
- Innovation: Continuing to develop the London West Innovation Network, supported by West London Corporate Leaders Action Group. We will strengthen our links with London & Partners in this area.
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.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Directors' Report for the Year Ended 31 March 2025
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
J Hammond
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 remain rigorous with our internal credit control procedures. In May 2020 we took on a £50k Bounce Back loan to support our cash flow. This is now entirely repaid.
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.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Directors' Report for the Year Ended 31 March 2025
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; and
- 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.
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
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West London Business Ltd
Trading as West London Business and Park Royal Business Group
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 2025, 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 2025 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.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
Independent Auditor's Report to the Members of West London Business Ltd
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
• | 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.
West London Business Ltd
Trading as West London Business and Park Royal Business Group
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: http://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.
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For and on behalf of
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Surrey
TW18 4AX
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 2025
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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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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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
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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 2025
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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 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
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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 surplus of £14,487 (2023/24 - £8,196) and a net asset position of £225,035 (2023/24 - £210,548).The directors have reviewed the forecasts of the company for the period through to 2025/26, 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.
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 2025
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
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.
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.
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 2025
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:
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Asset class |
Depreciation method and rate |
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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 2025
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 2025
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
.........................................
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
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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:
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2025 |
2024 |
|
|
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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2025 |
2024 |
|
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Remuneration |
|
|
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 2025
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
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Auditors' remuneration |
|
2025 |
2024 |
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|
Audit of the financial statements |
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|
Bad and doubtful debts
The income statement includes provision for bad debt of £19,050 (2024: £10,494 - 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 2025
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Tangible assets |
|
Office equipment |
Total |
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|
Cost |
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|
At 1 April 2024 |
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|
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Additions |
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Disposals |
( |
( |
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At 31 March 2025 |
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Depreciation |
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|
At 1 April 2024 |
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|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 March 2025 |
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|
|
Carrying amount |
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|
At 31 March 2025 |
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|
|
At 31 March 2024 |
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|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
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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 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
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|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
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|
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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 £3,224 (2024 - £4,022).
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
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Loans and borrowings |
- |
|
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 Loan of £3,224 (2024 - £6,026) at the reporting date and repayable by instalments.
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Loans and borrowings |
|
2025 |
2024 |
|
|
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 2025
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2025 |
2024 |
|
|
Current loans and borrowings |
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Bank borrowings |
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Related party transactions |