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Registered number:  13051251














LIVERPOOL CITY REGION DIGITAL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022


 
LIVERPOOL CITY REGION DIGITAL LIMITED
REGISTERED NUMBER: 13051251

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
Note
£

Fixed assets
  

Tangible assets
 4 
12,334,084

  
12,334,084

Current assets
  

Debtors: amounts falling due within one year
 5 
261,232

Cash at bank and in hand
 6 
7,110,982

  
7,372,214

Creditors: amounts falling due within one year
 7 
(2,523,443)

Net current assets
  
 
 
4,848,771

Total assets less current liabilities
  
17,182,855

Creditors: amounts falling due after more than one year
 8 
(10,841,962)

  

Net assets
  
6,340,893


Capital and reserves
  

Called up share capital 
  
8,015,552

Profit and loss account
  
(1,674,659)

  
6,340,893


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2022.




R. N. Miller
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

1.


General information

Liverpool City Region Digital Limited is a private limited company, limited by shares, incorporated in England and Wales.  Its registered office is Elm House Farm, Saighton Lane, Saighton, Chester, Cheshire, CH3 6EN. The company number is 13051251.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance they rely on the loans provided by the shareholders, disclosed in Note 11. These loans will not be repaid for the foreseeable future and further funding from shareholders is committed, on that basis, the directors adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fibre backhaul network
-
5 to 20 years
Assets in course of construction
-
Not depreciated until completed

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

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 and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the period was 0.

Page 4

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

4.


Tangible fixed assets





Fibre backhaul network
Assets in course of construction
Total

£
£
£



Cost or valuation


Additions
4,351,219
8,158,052
12,509,271



At 31 March 2022

4,351,219
8,158,052
12,509,271



Depreciation


Charge for the period on owned assets
175,187
-
175,187



At 31 March 2022

175,187
-
175,187



Net book value



At 31 March 2022
4,176,032
8,158,052
12,334,084


5.


Debtors

2022
£


Other debtors
261,232

261,232



6.


Cash and cash equivalents

2022
£

Cash at bank and in hand
7,110,982

7,110,982


Page 5

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

7.


Creditors: Amounts falling due within one year

2022
£

Trade creditors
1,853,331

Accruals and deferred income
670,112

2,523,443



8.


Creditors: Amounts falling due after more than one year

2022
£

Other creditors
10,841,962

10,841,962


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2022
£


Repayable other than by instalments
10,844,661

10,844,661

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the reporting date.


9.


Financial instruments

2022
£

Financial assets


Financial assets measured at fair value through profit or loss
7,110,982




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 6

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

10.


Capital commitments


At 31 March 2022 the Company had capital commitments as follows:

2022
£


Contracted for but not provided in these financial statements
14,775,124

14,775,124


11.


Related party transactions


2022
£

 
Design and construction of digital infrastructure works provided by NGE Contracting Limited
12,263,078
 
Amounts due NGE Contracting Limited
1,792,361
 
Marketing, maintenance and operational support provided by ITS Technology Group Limited
1,072,164
 
Amounts due to ITS Technology Group Limited
381,209
 
Purchase of digital infrastructure assets from Liverpool City Region Combined Authority
246,193
 
Amounts due to Liverpool City Region Combined Authority
295,422
 
Loans from shareholders in the period
10,534,618
 
Interest payable on loan from shareholders
307,344
 
Loans due to shareholders
10,841,962

Liverpool City Region Combined Authority, ITS Technology Group Limited and NGE Concessions SAS are shareholders of the company.
NGE Contracting Limited and NGE Concessions SAS are companies under common control.


12.


Controlling party

The company is a joint venture between Liverpool City Region Combined Authority, ITS Technology Group Limited and NGE Concessions SAS.  Liverpool City Region Combined Authority holds 50% of the issued share capital with ITS Technology Group Limited and NGE Concessions SAS both holding 25% of the issued share capital.

Page 7

 
LIVERPOOL CITY REGION DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022

13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2022 was unqualified.

The audit report was signed on 6 September 2022 by Stephen Talbot (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 8