REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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PORTOBELLO BUSINESS CENTRE |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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PORTOBELLO BUSINESS CENTRE |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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PORTOBELLO BUSINESS CENTRE |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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NET ASSETS |
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RESERVES |
Revaluation reserve | 10 |
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Income and expenditure account | 10 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Portobello Business Centre is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover arising from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
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- the amount of income can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliability; |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Turnover arising from rental income is recognised on a straight line basis over the term of the lease. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
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The investment property is held under a long lease with the Royal Borough of Kensington and Chelsea and in the event of the dissolution of the company the property will revert to the head lessor. |
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Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fair value at 31 March 2020 is represented by: |
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£ |
Valuation in 2006 | 1,400,000 |
Valuation in 2011 | (280,000 | ) |
Valuation in 2017 | 1,280,000 |
Cost | 1,100,000 |
3,500,000 |
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The investment property was revalued by the directors at 31 March 2017 and was based upon valuations obtained from two property valuers. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | CASH AT BANK AND IN HAND |
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Cash and bank balances include funds totalling £60,063 ( 2019 - £136,425 ) held on behalf of the Loans and Grants Funds. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors include £46,703 ( 2019 - £136,425 ) due to the Loans and Grants Funds. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans | 54,668 | 66,330 |
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10. | RESERVES |
Income |
and |
expenditure | Revaluation |
account | reserve | Totals |
£ | £ | £ |
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At 1 April 2019 |
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3,436,114 |
Surplus for the year |
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- |
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At 31 March 2020 |
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3,487,129 |
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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. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | LIMITED BY GUARANTEE |
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The Company is limited by guarantee and has no share capital. The maximum liability of each member in case of winding up of the company is £1. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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13. | LOANS AND GRANTS FUNDS |
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North Kensington City Challenge and New Life for Paddington |
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At their Board Meeting on 6th March 2019 and in light of the Grenfell Tower tragedy the Directors reviewed the use of these two funds previously allocated to an agreed regeneration programme of economic development aims in the North Kensington area and decided to repurpose these funds to continue the work with existing local businesses in the Grenfell area, and also, given major reductions in Government funding for economic regeneration in London, to contribute towards their general work. |
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On 1st April 2019 these unspent funds carried forward of £38,333 for NKCC and £8,978 for NLP, were re-purposed to general funds. |
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Utilising these funds, work had been able to continue with the Grenfell Business community and the wider North Kensington area by our Business Advisor team. Providing further pre-start advice to residents and collaborating with other local community groups such as 214 the Space, and KCSC. Advice given to Grenfell residents was provided FOC. The funds also enabled PBC to fully contribute to the local Enterprise Week events. |
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RBKC Recovery Loan Fund |
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RBKC agreed to PBC re-purposing £6,408 of this restricted fund to cover part of the cost of the new North Kensington Business Champion Project (see below). Balance at 31st March 2020 is £13,512 (2019 - £19,921). |
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Grenfell Tower Continuity Fund |
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Balance £0 (2019 - £34,255). Further grants of £1,071 were paid out in the year. £19,592 was re-purposed for the North Kensington Business Champion, and £13,592 was re-paid to the Funder. |
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Grenfell Tower Discretionary Fund |
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Balance £0 (2019 - £6,564). Further grants of £6,564 were awarded during the year, bringing the balance down to zero. |
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GLA Grenfell Needs Analysis Fund |
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Balance £20,353 (2019 - £28,373). £8,020 of further expenditure was recorded against this project in the year. The project completed in October 2019. In June 2020 PBC entered into discussions with the Funder, GLA to see if the balance of the fund could be re-purposed (following the success and appetite from the local business community mentioned below) for the next 12 months to fund the North Kensington Business Champion and the North Kensington Business Forum. This will continue the work previously funded until 1 June 2020. GLA have agreed to this proposal which will be matched by RBKC funding from 1 July to 30 June 2021. |
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North Kensington Business Champion |
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A new project this year, with funding of £26,000, re-purposed from two existing restricted funds. Balance £12,837. |
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The main purpose of this project is to further support North Kensington Businesses with particular focus around the Grenfell area. In addition, the formation of a North Kensington Business forum which has now been created called North Kensington Connected. |