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Registration number: 09577235

Worcestershire Food Science Park Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Worcestershire Food Science Park Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Worcestershire Food Science Park Limited

Company Information

Directors

Mr D J Attwell

Mr M W Attwell

Mrs S Attwell

Mrs J S Attwell

Registered office

Seafield Farm
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB

Accountants

Mitchell Meredith Limited
Chartered Accountants
The Exchange
Fiveways
Temple Street
Llandrindod Wells
Powys
LD1 5HG

 

Worcestershire Food Science Park Limited

(Registration number: 09577235)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,414,640

1,428,908

Current assets

 

Debtors

5

132,206

98,765

Cash at bank and in hand

 

24,158

60,046

 

156,364

158,811

Creditors: Amounts falling due within one year

6

(82,844)

(108,818)

Net current assets

 

73,520

49,993

Total assets less current liabilities

 

1,488,160

1,478,901

Creditors: Amounts falling due after more than one year

6

(904,888)

(953,784)

Provisions for liabilities

(29,695)

(27,707)

Net assets

 

553,577

497,410

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

553,477

497,310

Shareholders' funds

 

553,577

497,410

 

Worcestershire Food Science Park Limited

(Registration number: 09577235)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 August 2022 and signed on its behalf by:
 





Mr M W Attwell
Director

 

Worcestershire Food Science Park Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Seafield Farm
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB
United Kingdom

These financial statements were authorised for issue by the Board on 8 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Worcestershire Food Science Park Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation method and rate

Freehold property

2% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Worcestershire Food Science Park Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2021

1,576,921

1,576,921

Additions

11,500

11,500

At 31 December 2021

1,588,421

1,588,421

Depreciation

At 1 January 2021

148,013

148,013

Charge for the year

25,768

25,768

At 31 December 2021

173,781

173,781

Carrying amount

At 31 December 2021

1,414,640

1,414,640

At 31 December 2020

1,428,908

1,428,908

Included within the net book value of land and buildings above is £1,414,640 (2020 - £1,428,908) in respect of freehold land and buildings.
 

5

Debtors

 

Worcestershire Food Science Park Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Note

2021
£

2020
£

Trade debtors

 

14,777

14,548

Amounts owed by group undertakings and undertakings in which the company has a participating interest

115,553

82,402

Prepayments

 

1,876

1,815

 

132,206

98,765

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

7

46,264

41,017

Trade creditors

 

365

33,553

Taxation and social security

 

22,754

20,187

Accruals

 

13,461

14,061

 

82,844

108,818

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

904,888

953,784

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

904,888

953,784

2021
£

2020
£

Current loans and borrowings

Bank borrowings

46,264

41,017

 

Worcestershire Food Science Park Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Bank borrowings

The bank loan is denominated in pounds sterling with a nominal interest rate of 2.25% over base rate, and the final instalment is due on 16 December 2039. The carrying amount at year end is £924,756 (2020 - £958,801).

The bank loan is secured by a first legal charge over the company's freehold property.

The Bounce Back loan is denominated in pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 28 July 2026. The carrying amount at year end is £33,167 (2020 - £36,000).