Central Technology Belt is a private company limited by guarantee incorporated in England and Wales . The registered office is Malvern Hills Science Park, Geraldine Road, Malvern, Worcestershire, England, WR14 3SZ.
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 £.
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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 surplus or deficit .
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. Financial assets classified as receivable within one year are not amortised.
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities, including creditors , are initially recognised at transaction price . Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.
The tax currently payable is based on taxable income for the year. Taxable income differs from the result as reported in the income and expenditure account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The average monthly number of persons ( ex cluding non-executive directors) employed by the company during the year was:
The company is established as a company limited by guarantee and as a result no shares are in issue.
The members of the company have agreed to contribute £1 to the assets of the company in the event of it being wound up while they are a member or within one year after they cease to be a member. The member contribution limited to £1 will be used for payment towards the company's debts and liabilities contracted before they ceased to be a member, payment of the costs, charges and expenses of winding up, and adjustment of the rights of the contributories among themselves.
If, upon the winding up or dissolution of the company, there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members, but shall be given or transferred to some other institution or institutions having a business interest the same or similar to the business interest of the company, and which shall prohibit the distribution of its or their income and property among their members to an extent at least as great as is imposed on the company, such institution or institutions to be determined by the members at or before the time of dissolution, and if and so far as effect cannot be given this last provision, then to some other body the business interest of which is the promotion of charity and anything incidental or conductive thereto.
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.
Directors Alan White and Sharon Marie Smith are also directors of Malvern Hills Science Park. Malvern Hills Science Park recharged office rental and expenses incurred to Central Technology Belt of £ 1, 7 8 3 (20 2 1 - £1, 7 84). As at the year end, the amount due to Malvern Hills Science Park totalled £ 2 5 (20 2 1 - £26) and is included within trade creditors.