REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PORTOBELLO BUSINESS CENTRE |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PORTOBELLO BUSINESS CENTRE |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
PORTOBELLO BUSINESS CENTRE |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
RESERVES |
Revaluation reserve | 9 |
Income and expenditure account | 9 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Portobello Business Centre is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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: |
- 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 |
Turnover arising from rental income is recognised on a straight line basis over the term of the lease. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc - 25% on cost |
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. |
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. |
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. |
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. |
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. |
Corporation tax |
The company is exempt from corporation tax on its ordinary activities. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2006 | 1,400,000 |
Valuation in 2011 | (280,000 | ) |
Valuation in 2017 | 1,280,000 |
Cost | 1,100,000 |
3,500,000 |
The investment property was revalued by the directors at 31 March 2017 and 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 has been no material change to this valuation since then. A formal updated independent revaluation has not been sought due to the prohibitive cost in relation to PBC's stakeholder management and choosing to invest instead in providing self-employment and business development services to people considering starting or developing a business. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
9. | RESERVES |
Income |
and |
expenditure | Revaluation |
account | reserve | Totals |
£ | £ | £ |
At 1 April 2022 |
Surplus for the year | - |
At 31 March 2023 | 3,645,427 |
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. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Carole Pyke invoiced PBC for £Nil (2022- £960) during the year, for delivering training and consultancy sessions with PBC clients and David Taylor invoiced PBC via his Company DNASix, for £Nil (2022- £160) for consultancy sessions with PBC clients. |
PORTOBELLO BUSINESS CENTRE (REGISTERED NUMBER: 03012156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | LIMITED BY GUARANTEE |
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. |