Company Registration No. 09746592 (England and Wales)
EUSTON TOWN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
EUSTON TOWN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
EUSTON TOWN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
40,173
99,365
Cash at bank and in hand
814,617
570,316
854,790
669,681
Creditors: amounts falling due within one year
5
(415,050)
(172,056)
Net current assets
439,740
497,625
Capital and reserves
Profit and loss reserves
439,740
497,625
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2021 and are signed on its behalf by:
S Pitkeathley
Director
Company Registration No. 09746592
EUSTON TOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Euston Town Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Collective Auction Rooms, 5-7 Buck Street, London, United Kingdom, NW1 8NJ.
1.1
Accounting convention
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 a
mounts
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.
1.2
Going concern
At the time of approving these financial statements, the directors have considered the financial operations for a period of 12 months following the date of approval of these financial statements. The Covid-19 pandemic resulted in a reduction of BID levy income in 2020, however due to project cutbacks ET experienced only a small loss. BID levy income is forecast to increase in coming years as Euston recovers from the pandemic. Income predictions remain conservative, and costs and cash flow are being closely monitored. Cash balances remain healthy at the date of signing these financial statements and the BID election was successful, showing a strong mandate for the work we do and securing ET for its next five-year term.
true
After considering the above matters, the directors believe that the company will have adequate resources to meet its liabilities as they fall due for the next 12 months. The directors therefore consider it appropriate to continue to apply a going concern basis for the financial statements.
1.3
Turnover
Income is the amount receivable for the provision of services falling within the company's ordinary activities excluding value added tax.
1.4
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
EUSTON TOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.5
Government grants
Government grants relating to income are recognised as income over the periods when the related costs are incurred. The grant received in the year relates to BIDs Supporting funding for the purpose of enabling projects specified in BID arrangements to be carried out.
1.6
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of future receipts discounted at the prevailing market interest.
1.7
Trade and other payables are measured at transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest.
2
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,250
4,150
For other services
All other non-audit services
1,275
1,290
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
EUSTON TOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
11,834
Other debtors
40,173
87,531
40,173
99,365
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
50,000
Trade creditors
13,440
1,752
Amounts owed to group undertakings
343,243
161,184
Corporation tax
97
487
Other creditors
8,270
8,633
415,050
172,056
A Coronavirus Bounce Back Loan was taken out in May 2020 and repaid in April 2021. No repayments
were due in the first year.
6
Audit report information
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.
The senior statutory auditor was John Howard.
The auditor was Azets Audit Services.
7
Related party transactions
Included in creditors is a balance of £343,243 (2020: £161,184) due to Camden Town Centre Limited.
During the year the Company was charged £143,401 (2020: £143,600) in respect of shared costs and £nil for their share of the Alternative Camden project (2020: £47,336) by Camden Town Centre Limited.
8
Parent company
There is no ultimate controlling party.