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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 |
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SHEFFIELD CITY CENTRE BID LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 |
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FOR |
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SHEFFIELD CITY CENTRE BID LIMITED |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2021 |
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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 | 3 |
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SHEFFIELD CITY CENTRE BID LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 July 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
20 Paradise Square |
Sheffield |
S1 2DE |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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BALANCE SHEET |
31 July 2021 |
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31.7.21 | 31.7.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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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 and authorised for issue on
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SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2021 |
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1. | STATUTORY INFORMATION |
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SHEFFIELD CITY CENTRE BID LIMITED is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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Going concern |
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The directors have considered the on-going situation with regards to the Covid-19 pandemic as part of their going concern assessment. The view of the directors is that, while they acknowledge the significant disruption that the pandemic has caused and may do so in the future, the directors feel that the company is well placed to negotiate the unique set of conditions currently facing both Sheffield and the UK economy as a whole. Cashflow is positive, with substantial reserves built up to tackle the key expenditure programmes, as some level of normality ensues.The directors feel that they have planned appropriately and have strategic measures in place to both safeguard the company and assist it to fulfil its objectives for a period of at least 12 months from the date of the approval of these financial statements. |
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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. |
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Income from the sale of gift cards is only recognised when the gift card has expired and any breakage is determined. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Government grants are accounted for using the accrual model as permitted by FRS102. |
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Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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 |
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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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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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DEPRECIATION |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Other creditors |
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SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2021 |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.7.21 | 31.7.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
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Amounts falling due between one and two years: |
Other loans - 1-2 years | 14,000 |
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Amounts falling due between two and five years: |
Other loans - 2-5 years |
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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. |
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The loan is repayable by instalments, the final instalment being April 2025. |
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The loan does not bear interest. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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During the year the company entered into the following transactions that had related party interests : |
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The company received income of £616,446, received a loan of £70,000 and incurred expenditure of £36,338 with Sheffield City Council, an organisation that Councillor M Iqbal is associated with. |
Debtors of £55,345 were due to the company from Sheffield City Council at the year end. |
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The company incurred expenditure of £750 with Wake Smith Solicitors Ltd, a company in which J Baddeley is a director. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by the board, no ultimate controlling party exists. |
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12. | LIMITED BY GUARANTEE |
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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. |