Company Registration No. 11912208 (England and Wales)
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
Notes
£
£
Current assets
Debtors
3
17,882
Creditors: amounts falling due within one year
4
(17,882)
Net current assets
-
Reserves
5
-
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2021 and are signed on its behalf by:
R Harrington
Director
Company Registration No. 11912208
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Buckinghamshire Local Enterprise Partnership Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
1 Edison Road, Rabans Lane Industrial Estate, Aylesbury, Buckinghamshire, HP19 8TE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period for the company is longer than one year. The company was incorporated on 28 March 2019, and the accounts period end is 31 March 2020. Due to this being the first year of reporting, there are no comparative amounts.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Grant income receivable by the company for the administration of grants is credited to the income and expenditure account so as to match the expenditure incurred.
Grant funding received but not utilised is included within other debtors, and is held by the company’s Accountable Body, Buckinghamshire Council.
As at 31 March 2020 the Accountable Body was Buckinghamshire County Council. However, as at 1 April 2020 onwards the council became Unitary and is now known as Buckinghamshire Council.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 asset and settle the liability simultaneously.
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
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 cost 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.
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.
Basic financial liabilities
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
paymen
ts discounted at a market rate of interest.
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.
1.6
Taxation
The company operates as a not for profit company, and receives income in the form of grants. As a result, any net surplus arising from these activities is non-trading and exempt from corporation tax. The company is liable to corporation tax on bank interest received, trading, and other income, after deduction of allowable expenses.
1.7
Employee benefits
The costs of 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.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0
.
The average monthly number of persons seconded to the company from Buckinghamshire Council during the year was 6.
3
Debtors
2020
Amounts falling due within one year:
£
Other debtors
17,882
4
Creditors: amounts falling due within one year
2020
£
Other creditors
17,882
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Related party transactions
In the year, costs amounting to £39,967 were recharged to Buckinghamshire Local Enterprise Partnership Limited by Buckinghamshire Council. These costs were funded from income received and held on behalf of the company by Buckinghamshire Council, in their role as the company's Accountable Body. At the end of the financial year Buckinghamshire Council held a further £922,721 of income received on behalf of the company and not yet drawn down.
As with all Local Enterprise Partnerships, funding for core activities comes from Central Government’s Cities and Growth Unit (Ministry of Housing, Communities and Local Government and Department for Business, Energy and Industrial Strategy). They also channel the company's EU project funding. Payment of these amounts is dependent on meeting the governance and transparency criteria set out by the Unit, who have a representative on the company's Board as an observer.