Company Registration No. 07874419 (England and Wales)
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
A Chohan
(Appointed 1 April 2022)
P R Clark
(Appointed 7 December 2021)
J P Danby
(Appointed 18 October 2021)
A J Harries
R E Jacobs
F Lalji
C Leonard
(Appointed 1 July 2021)
A Martin
(Appointed 9 February 2022)
J A Nugent
(Appointed 5 July 2021)
W P Spinks
Company number
07874419
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Accountants
HW Fisher Business Solutions Limited
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
CONTENTS
Page
Directors' report
1
Chartered Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 6
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and
unaudited
financial statements for the year ended 31 December 2021.
Principal activities
The company is limited by guarantee. It is a collaboration between a network of business in the King's Cross, St Pancras and Euston area to achieve common commercial objectives. The company aims to :
-
improve the area as a business location;
-
collaborate to reduce costs and improve efficiencies;
-
share resources; and
-
act as voice to influence local and London-wide policy.
These aims sit alongside the commercial objectives of the individual member companies, each of which is represented on the board of directors.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Chohan
(Appointed 1 April 2022)
P R Clark
(Appointed 7 December 2021)
J P Danby
(Appointed 18 October 2021)
A J Harries
R E Jacobs
F Lalji
C Leonard
(Appointed 1 July 2021)
A Martin
(Appointed 9 February 2022)
J A Nugent
(Appointed 5 July 2021)
W P Spinks
J M E Borrett
(Resigned 9 February 2022)
P C Collyer
(Resigned 11 January 2022)
M P Luddy
(Resigned 18 October 2021)
M G Walsh
(Resigned 1 July 2021)
E L Williams
(Resigned 23 April 2021)
E C Bird
(Resigned 1 October 2021)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
W P Spinks
Director
24 August 2022
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of King's Cross and St. Pancras Business Partnership Limited for the year ended 31 December 2021 which comprise the income and expenditure account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of King's Cross and St. Pancras Business Partnership Limited, as a body, in accordance with the terms of our engagement letter dated 21 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of King's Cross and St. Pancras Business Partnership Limited
and state those matters that we have agreed to state to the Board of Directors of King's Cross and St. Pancras Business Partnership Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than King's Cross and St. Pancras Business Partnership Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that King's Cross and St. Pancras Business Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and deficit
of King's Cross and St. Pancras Business Partnership Limited. You consider that King's Cross and St. Pancras Business Partnership Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of King's Cross and St. Pancras Business Partnership Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HW Fisher Business Solutions Limited
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
24 August 2022
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
2021
2020
£
£
Income
100,625
130,706
Cost of sales
(81,626)
(121,746)
Gross surplus
18,999
8,960
Administrative expenses
(28,987)
(18,236)
Deficit before taxation
(9,988)
(9,276)
Tax on deficit
927
Deficit for the financial year
(9,988)
(8,349)
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 4 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
32,107
47,211
Cash at bank and in hand
36,408
57,728
68,515
104,939
Creditors: amounts falling due within one year
4
(9,020)
(35,456)
Net current assets
59,495
69,483
Reserves
Income and expenditure account
59,495
69,483
Members' funds
59,495
69,483
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared 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 24 August 2022 and are signed on its behalf by:
W P Spinks
Director
Company Registration No. 07874419
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
1
Accounting policies
Company information
King's Cross and St. Pancras Business Partnership Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. The outbreak has caused some disruption to the company’s business to date. The company derives income from fee paying members who have been effected to varying degrees. Some members have had to drop their level of membership therefore reducing income. However the number and diversity of members mean the directors consider it unlikely that the outbreak in its current stage will cause significant disruption. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
The turnover represents Members' subscriptions received and receivable
, and is shown net of VAT
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
KING'S CROSS AND ST. PANCRAS BUSINESS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized.
1.6
Taxation
The company does not recognise any current or deferred tax as they operate under mutual trade rules that reduce its corporation tax liability for the current year to £nil.
2
Employees
There were no employees during the current
or
previous year
and none of the directors received any emoluments from the company during the current or previous year.
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,000
21,000
Other taxes and social security costs
5,467
4,061
Prepayments and accrued income
17,640
22,150
32,107
47,211
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,520
34,676
Accruals and deferred income
7,500
780
9,020
35,456
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.