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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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Warrington 2000+ |
(Limited By Guarantee) |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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for |
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Warrington 2000+ |
(Limited By Guarantee) |
Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Warrington 2000+ |
(Limited By Guarantee) |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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 |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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RESERVES |
Other reserves | 9 |
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Income and expenditure account | 9 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Balance Sheet - continued |
31 March 2019 |
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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 on
by: |
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Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Warrington 2000+ is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. The estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in |
which the estimate is revised where the revision affects only that period, or in the period of the revision and |
future periods where the revision affects both current and future periods. |
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The key assumptions concerning the future and other key sources of estimation include uncertainties at the |
reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and |
liabilities within the next financial periods, are discussed below. |
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Changes in accounting policies |
The directors have considered the disclosure and treatment of the grants received in respect of the original |
acquisition of the IBC and Expidia buildings within the balance sheet. Following the review the grants received |
have been reanalysed from provision for liabilities to grants received as disclosed in note 8 to the financial |
statements. There has been no profit & loss effect as a result of the adjustment. |
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Revenue recognition |
Revenue is measured as the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services provided including rental income on properties in the normal course |
of business net of value added tax. |
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Interest income is recognised on an accruals basis. |
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Tangible fixed assets |
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Plant and machinery | - |
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Encounter Sculpture | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is valued at its fair value. |
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Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in 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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the |
lease. |
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Grants |
Grants and other contributions received towards the cost of tangible fixed assets are included in provisions for |
liabilites as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants |
are credited to the profit and loss account so as to match them with the expenditure to which they relate. |
Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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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 net asset and settle the liability simultaneously. |
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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 costs 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. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts discounted |
at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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Equity instruments |
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. |
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Employee benefits |
The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement |
is recognised in the period in which the employee's services are received. Termination benefits are recognised |
immediately as an expense when the company is demonstrably committed to terminate the employment of an |
employee or to provide termination benefits. |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Encounter | Computer |
machinery | fittings | Sculpture | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: United Kingdom |
Nature of business:
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Class of shares: | holding |
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31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fair value at 31 March 2019 is represented by: |
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£ |
Valuation in 2011 | 2,185,000 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Other debtors | - | 931 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
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Tax |
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VAT | 1,929 | 1,091 |
Other creditors | 184,930 | 186,233 |
Accrued expenses |
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Deferred government grants |
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Warrington 2000+ (Registered number: 01880800) |
(Limited By Guarantee) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
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Government | Commission | Homes & | Total |
Office | for New Towns | Communities |
Northwest | Agency |
£ | £ | £ | £ |
Grant released within one year | 3,599 | 12,600 | 13,468 | 29,667 |
Grant released after one year | 107,059 | 374,850 | 756,550 | 1,238,459 |
Grants carried forward | 110,658 | 387,450 | 770,018 | 1,268,126 |
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Under the "Invest in Success" scheme the Commission for New Towns awarded 2.38 acres of land to Warrington |
2000+ Limited for the development of an International Business Centre. Under a modified bid the Commission |
for New Towns agreed to a reduced sized International Business Centre of 12,400 sq ft to be financed by the sale |
to a developer of 1.89 acres of the original 2.38 acres awarded. The sale proceeds of £630,000 have been shown |
as deferred government grants and is being amortised over a period of fifty years. The Commission for New |
Towns closed in March 1998. |
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Funding has also been secured from Government Office Northwest in the for of a grant of £179,936. This is also |
shown as deferred government grants and is being amortised over a period of fifty years.The Government Office |
Northwest closed March 2011. |
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A grant has also been secured from Homes & Communities Agency, formerly Northwest Development Agency, |
in respect of the property accommodating the Incubator Units. This is also shown as deferred government grant |
and is being amortised over fifty years for the proportion relating to the building. |
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9. | RESERVES |
Income |
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expenditure | Other |
account | reserves | Totals |
£ | £ | £ |
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At 1 April 2018 |
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1,342,405 |
Surplus for the year |
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At 31 March 2019 |
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1,377,018 |
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10. | MEMBERS |
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The Articles require that there are 4 members of the company, which was complied with in the year. |