Company registration number 12811846 (England and Wales)
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
499,997
250,000
Current assets
Debtors
6
3,112,264
7,806,234
Cash at bank and in hand
17,859
31,983
3,130,123
7,838,217
Creditors: amounts falling due within one year
7
(2,749,078)
(4,740,320)
Net current assets
381,045
3,097,897
Net assets
881,042
3,347,897
Capital and reserves
Called up share capital
8
5,407,001
5,407,001
Profit and loss reserves
(4,525,959)
(2,059,104)
Total equity
881,042
3,347,897
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 21 December 2023 and are signed on its behalf by:
Mr N Parkinson
Director
Company Registration No. 12811846
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Cambridgeshire and Peterborough Business Growth Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Pathfinder House, St Mary's Street, Huntingdon, United Kingdom, PE29 3TN.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Cambridgeshire and Peterborough Business Growth Company Limited is a subsidiary of Cambridge and Peterborough Combined Authority and the results of Cambridgeshire and Peterborough Business Growth Company Limited are included in the consolidated financial statements of Cambridge and Peterborough Combined Authority which are available from www.cambridgeshirepeterborough-ca.gov.uk.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The core contract of the company expires December 2023 and the directors are reviewing the options regarding the future of the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Grants payable are charged in the year when the offer is conveyed to the recipient.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
1.7
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.
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.
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 payments 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. Amounts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Any element of partly paid shares that have been called or are committed to be paid by a specific date are treated as received for this purpose. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
24,000
24,000
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
499,997
250,000
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2022
250,000
Additions
249,997
At 31 March 2023
499,997
Carrying amount
At 31 March 2023
499,997
At 31 March 2022
250,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
385,576
945,995
Amounts owed by group undertakings
269,225
1,732,018
Other debtors
2,457,463
5,128,221
3,112,264
7,806,234
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,989
2,349
Amounts owed to group undertakings
1,910,287
2,011,824
Taxation and social security
3,006
3,470
Other creditors
830,796
2,722,677
2,749,078
4,740,320
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Ordinary shares fully paid up of £1 each
1
5,407,001
1
5,407,001
Ordinary shares partly paid of £1 each
2,000,000
-
2,000,000
-
Ordinary shares unpaid of £1 each
3,407,000
-
3,407,000
-
5,407,001
5,407,001
5,407,001
5,407,001
9
Audit report information
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.
Senior Statutory Auditor:
Mr Mark Jackson FCA DChA
Statutory Auditor:
Azets
10
Events after the reporting date
Following the year end an additional £400,000 of funding has been provided by Cambridgeshire and Peterborough Combined Authority in the form of a share issue.
11
Related party transactions
During the period Cambridgeshire and Peterborough Combined Authority, the parent undertaking, recharged costs of £203,214 (2022: £746,659) to Cambridgeshire and Peterborough Business Growth Company Limited. During the period Cambridgeshire and Peterborough Business Growth Company charged Cambridgeshire and Peterborough Combined Authority £5,635,057 (2022: £4,839,421).
At the end of the period Cambridgeshire and Peterborough Business Growth Company Limited was owed £240,801 from Cambridgeshire and Peterborough Combined Authority (2022: £416,609 was owed to Cambridgeshire and Peterborough Combined Authority).
CAMBRIDGESHIRE AND PETERBOROUGH BUSINESS GROWTH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
12
Parent undertaking
The parent undertaking is Cambridgeshire and Peterborough Combined Authority.