REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & 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 2021 |
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2021 | 2020 |
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 2021 |
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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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Government grants |
The company received government support through the Bounce Back Loan interest which is accounted for on the accrual model. |
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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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Debtors and creditors |
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. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Corporation tax |
The company is exempt from corporation tax on its ordinary activities. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Fair value at 31 March 2021 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. The directors are of the opinion that there has been no material change to this valuation since then. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CASH AT BANK AND IN HAND |
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Cash and bank balances include funds totalling £26,726 ( 2020 - £46,703 ) held on behalf of the Loans and Grants Funds. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors include £26,726 ( 2020 - £46,703 ) due to the Loans and Grants Funds. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
More than 5 years | 3,485 | 54,668 |
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10. | RESERVES |
Income |
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expenditure | Revaluation |
account | reserve | Totals |
£ | £ | £ |
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At 1 April 2020 |
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3,487,129 |
Surplus for the year |
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- |
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At 31 March 2021 |
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3,563,776 |
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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. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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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. | RELATED PARTY DISCLOSURES |
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Carole Pyke invoiced PBC for £2,080 during the year, for delivering training and consultancy sessions with PBC clients and David Taylor invoiced PBC via his Company DNASix, for £120 for consultancy sessions with PBC clients. |
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13. | 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. |
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14. | LOANS AND GRANTS FUNDS |
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RBKC Recovery Loan Fund |
RBKC agreed to PBC re-purposing the remaining balance of this restricted fund to cover part of the loss of rent the organisation suffered, plus the increase in demand for services during the pandemic. Balance at 31/3/21 is £0 (2020 - £13,512). |
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GLA Grenfell Needs Analysis Fund |
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 agreed to this proposal, which was matched by RBKC funding from 1 July to 30 June 2021. Balance £0 (2020 - £20,353) |
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North Kensington Business Champion |
The main purpose of this project is to further support North Kensington Businesses with particular focus around the Grenfell area. In addition, the project supports the formation of a North Kensington Business forum which has now been created called North Kensington Connected. This project is expected to run until June 2021. Balance at 31/3/21 is £12,065 (2020 - £12,837). |
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Grenfell Incubator |
The main purpose of this project is to support new collectives or CICs that applied to the Grenfell Grant Scheme. The project offers one-to-one support and monthly action learning/mentoring sessions. This project is expected to complete by 31/1/22. Balance at 31/3/21 is £7,383. |
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London Covid Response Fund Grant |
The main purpose of this project was to increase capacity of business advisor support and provide digital skills training. The project supported 213 individual (70% female) entrepreneurs through one-to-one advice and digital skills training from 'How to Create a Website', 'Marketing Using Social Media', to 'SEO Tips and Tricks'. Within the project timeframe, five entrepreneurs started their business. This project was completed by 30/4/21. Balance at 31/3/21 is £7,278. |