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COMPANY REGISTRATION NUMBER:
02725827
Warwick Technology Park Management Company (No.2) Limited
|
|
Warwick Technology Park Management Company (No.2) Limited
|
|
Year ended 31 March 2021
Officers and professional advisers
|
1
|
|
|
Independent auditor's report to the members
|
4 to 7
|
|
|
Statement of income and retained earnings
|
8
|
|
|
Statement of financial position
|
9
|
|
|
Notes to the financial statements
|
10 to 12
|
|
|
Warwick Technology Park Management Company (No.2) Limited
|
|
Officers and Professional Advisers
|
|
The board of directors
|
C. Cusack
|
|
L. Caborn
|
|
|
Registered office
|
Shire Hall
|
|
PO BOX 9
|
|
Warwick
|
|
CV34 4RL
|
|
|
Auditor
|
Edwards Pearson & White (Audit) Limited
|
|
Chartered Certified Accountants & statutory auditor
|
|
8 Jury Street
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|
Warwick
|
|
CV34 4EW
|
|
|
Warwick Technology Park Management Company (No.2) Limited
|
|
Year ended 31 March 2021
The directors present their report and the financial statements of the company for the year ended
31 March 2021
.
Directors
The directors who served the company during the year were as follows:
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
14 December 2021
and signed on behalf of the board by:
Warwick Technology Park Management Company (No.2) Limited
|
|
Independent Auditor's Report to the Members of
Warwick Technology Park Management Company (No.2) Limited
|
|
Year ended 31 March 2021
Opinion
We have audited the financial statements of Warwick Technology Park Management Company (No.2) Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its result for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following: 1. An understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including a review of legal and professional nominal codes and minutes of meetings. 2. Obtaining an understanding of the company's policies and procedures and how the company has complied with these, through discussions and sample testing. 3. An understanding of the company's risk assessment process, including the risk of fraud. 4. Performing audit work over the risk of management override of controls, including testing of journal entries for appropriateness. Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
JONATHAN COUSINS
|
(Senior Statutory Auditor)
|
|
For and on behalf of
|
Edwards Pearson & White (Audit) Limited
|
Chartered Certified Accountants & statutory auditor
|
8 Jury Street
|
Warwick
|
CV34 4EW
|
|
15 December 2021
Warwick Technology Park Management Company (No.2) Limited
|
|
Statement of Income and Retained Earnings
|
|
Year ended 31 March 2021
|
2021
|
2020
|
Note
|
£
|
£
|
Turnover
|
3,638
|
2,462
|
|
|
|
Cost of sales
|
2,294
|
1,142
|
|
------
|
------
|
Gross profit
|
1,344
|
1,320
|
|
|
|
Administrative expenses
|
1,344
|
1,320
|
|
|
|
|
------
|
------
|
Profit before taxation
|
–
|
–
|
|
|
|
Tax on profit
|
–
|
–
|
|
----
|
----
|
Result for the financial year and total comprehensive income
|
–
|
–
|
|
----
|
----
|
|
|
|
Retained earnings at the start of the year
|
1,919
|
1,919
|
|
------
|
------
|
Retained earnings at the end of the year
|
1,919
|
1,919
|
|
------
|
------
|
|
|
|
All the activities of the company are from continuing operations.
Warwick Technology Park Management Company (No.2) Limited
|
|
Statement of Financial Position
|
|
31 March 2021
Current assets
Creditors: amounts falling due within one year
|
5
|
–
|
|
1,520
|
|
------
|
|
------
|
Net current assets
|
|
6,984
|
6,983
|
|
|
------
|
------
|
Total assets less current liabilities
|
|
6,984
|
6,983
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
6
|
|
2,911
|
2,911
|
|
|
|
|
|
Accruals and deferred income
|
|
1,231
|
1,230
|
|
|
------
|
------
|
Net assets
|
|
2,842
|
2,842
|
|
|
------
|
------
|
|
|
|
|
Capital and reserves
Called up share capital
|
7
|
|
923
|
923
|
Profit and loss account
|
|
1,919
|
1,919
|
|
|
------
|
------
|
Shareholders funds
|
|
2,842
|
2,842
|
|
|
------
|
------
|
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
14 December 2021
, and are signed on behalf of the board by:
Company registration number:
02725827
Warwick Technology Park Management Company (No.2) Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, incorporated and registered in England and Wales with company number
02725827
. The address of the registered office is Shire Hall, PO Box 9, Warwick, CV34 4RL. The address of the principal place of business is Warwick Technology Park, Warwick, CV34 6NZ.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Going concern
The directors consider it appropriate to prepare accounts on a going concern basis as the company's long term creditors have confirmed they will not collect the debt owed to them until and if the company is wound up.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3.
Auditor's remuneration
|
2021
|
2020
|
|
£
|
£
|
Fees payable for the audit of the financial statements
|
1,368
|
1,344
|
|
------
|
------
|
|
|
|
4.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
5,121
|
8,503
|
Other debtors
|
1,863
|
–
|
|
------
|
------
|
|
6,984
|
8,503
|
|
------
|
------
|
|
|
|
5.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Other creditors
|
–
|
1,520
|
|
----
|
------
|
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
2,911
|
2,911
|
|
------
|
------
|
|
|
|
Creditors (amounts falling due after one year) represent monies collected from the shareholders to cover liabilities of the company. These monies will be returned to shareholders if and when the company is wound up.
7.
Called up share capital
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
923
|
923
|
923
|
923
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
8.
Limitation of auditors liability
The company on 29 November 2021 has entered into a limitation of auditors liability with the auditor limiting the auditor's liability to a maximum of £1,000,000 (including interest).