BOXPARK_CROYDON_LIMITED - Accounts

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.

Boxpark Croydon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Diplocks Yard, 73 North Road, Brighton, East Sussex, BN1 1YD.

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 amounts 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.

The accounts have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future. The fellow companies within the group are willing to offer ongoing financial support to the company. The financial statements do not include any adjustment that would result from a withdrawal of their support.

Rental income from outlets leased out under operating leases is recognised in the statement of income and retained earnings on a straight-line basis over the life of the lease. Contingent rents, which comprise turnover rents, are recognised as income in the periods in which they are earned.

Lease incentives are recognised as an integral part of the net consideration for use of the property and amortised on a straight-line basis over the life of the lease.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities, including other creditors and bank loans, are initially measured at transaction price unless the cost represents a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

The average monthly number of persons employed by the company during the year was 5 (2018 - 5).

The loan included within bank and other loans and overdrafts in notes 5 and 6, of £437,190 (2018 - £393,622) falling due within one year and £2,194,841 (2018 - £2,632,031) falling due after more than one year, is secured by a charge over the share capital.

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.

There is a fixed charge over the assignment of material contracts and insurance policies of the company, including negative pledge.

There is a fixed charge over the bank accounts of the company, including negative pledge.

There is a fixed and floating debenture over all the property or undertaking of the company, including negative pledge.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The financial statements of the company are consolidated in the financial statements of the immediate and ultimate parent company, Boxpark Limited. These consolidated financial statements are available from Companies House; the parent company's registered office is: Diplocks Yard, 73 North Road, Brighton, East Sussex, United Kingdom, BN1 1YD.

In prior years, lease incentives were accounted for in the period in which the incentive was utilised which was not in accordance with FRS 102. This balance of £106,671, now included within other debtors, has been restated to be split over the term of the lease on a straight-line basis.

Within the operating lease agreement for the land from which the company operates, there is an obligation to dismantle all property, plant and equipment and to restore the site at the end of the lease to its former condition. Following the opening of the site this provision existed and should have been recognised. Therefore, an adjustment has been made to the prior year financial statements to include £382,000 within provisions for liabilities as an estimate of the costs, with these costs being capitalised and depreciated over the life of the lease from the same date. This has also resulted in an increase in the net book value of £267,400 in tangible fixed assets as at the end of the comparative period.

Deposits held on behalf of tenants where the lease end date falls due more than 12 months after the balance sheet date, totalling £192,000, have been restated as long term creditors.

Part of a loan totalling £312,262 included in creditors has been reclassified from amounts falling due within one year to amounts falling due after more than one year, in conjunction with the agreement.

Neither of these adjustments has resulted in a change to previously reported equity or profit for the prior financial year.