REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
SHEFFIELD CITY CENTRE BID LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
SHEFFIELD CITY CENTRE BID LIMITED |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SHEFFIELD CITY CENTRE BID LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 July 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
20 Paradise Square |
Sheffield |
S1 2DE |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
BALANCE SHEET |
31 July 2022 |
31.7.22 | 31.7.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2022 |
1. | STATUTORY INFORMATION |
SHEFFIELD CITY CENTRE BID LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Going concern |
The directors having made due and careful enquiry, are of the opinion that the company has adequate working capital to fulfill its objectives for a period of at least 12 months from the date of the approval of these financial statements.The BID was successfully renewed for a five year period ensuring that Levy income will be received into the company until at least 31 March 2026. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover represents levy contributions to the company made by local businesses net of VAT. Annual levy contributions are agreed each year and paid in advance, with the necessary adjustments being made through deferred/accrued revenue to apportion the income evenly throughout the year. |
Income from the sale of gift cards is only recognised when the gift card has expired and any breakage is determined. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and related parties |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2022 |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2021 |
and 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Other creditors |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2022 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.7.22 | 31.7.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 14,000 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
During the year the company received a loan of £70,000 from Sheffield City Council to support cashflow due to the agreed delay in collecting the levy income due to the Covid-19 pandemic. |
The loan is repayable by instalments, the final instalment being April 2025. |
The loan does not bear interest. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following transactions that had related party interests : |
The company received income of £445,732 and incurred expenditure of £217,498 with Sheffield City Council, an organisation that Councillor M Iqbal is associated with. |
Debtors of £3,514 were due to the company and Creditors of £89,083 were owed by the company in relation to Sheffield City Council at the year end. |
The balance due on a loan from Sheffield City Council was £42,000 at the year end. |
The company received income of £1,000 from the South Yorkshire Passenger Transport Executive, an organisation in which Timothy Taylor is employed.. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the board, no ultimate controlling party exists. |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2022 |
12. | LIMITED BY GUARANTEE |
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |