Registered number
01825398
Sheffield Science Park Company Limited (Limited by Guarantee)
Filleted Accounts
31 March 2022
Sheffield Science Park Company Limited (Limited by Guarantee)
Registered number: 01825398
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 254,686 261,612
Investments 6 100 -
254,786 261,612
Current assets
Debtors 7 23,331 34,688
Cash at bank and in hand 460,381 352,491
483,712 387,179
Creditors: amounts falling due within one year 8 (119,975) (85,466)
Net current assets 363,737 301,713
Total assets less current liabilities 618,523 563,325
Creditors: amounts falling due after more than one year 9 (37,849) (43,333)
Provisions for liabilities (55,922) (58,710)
Net assets 524,752 461,282
Capital and reserves
Profit and loss account 524,752 461,282
Shareholder's funds 524,752 461,282
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
NEIL MACDONALD
Director
Approved by the board on 12.09.2022
Sheffield Science Park Company Limited (Limited by Guarantee)
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Covid 19 Impact
The pandemic caused a reduction in occupancy rates which had a negative impact on the financial results in the year to 31.03.2021. However, as a result of strong historic trading and prudent finanacial controls, the company had significant levels of cash and retained earnings, and was in a strong position to develop the business in the year to 31.03.2022. The company has seen a return to pre covid levels of activity and occupancy levels have been strong through out the year to 31.03.22.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Short leasehold building improvements over the lease term
Fixtures and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 9 7
3 Government grants
The company received £5,741 under the Corona virus job retention scheme, (2021:£33,545). It also received business interuption support of £417, (2021£833) relating to interest on the Bounce Back loan.
4 Tangible fixed assets
Short leasehold improvements Fixtures and equipment Total
£ £ £
Cost
At 1 April 2021 612,109 300,770 912,879
Additions 37,889 19,880 57,769
Disposals - (2,954) (2,954)
At 31 March 2022 649,998 317,696 967,694
Depreciation
At 1 April 2021 369,973 281,294 651,267
Charge for the year 49,158 15,529 64,687
On disposals - (2,946) (2,946)
At 31 March 2022 419,131 293,877 713,008
Net book value
At 31 March 2022 230,867 23,819 254,686
At 31 March 2021 242,136 19,476 261,612
5 Leasehold property
The company leases property from Sheffield City Council. The lease is short term and expires 2026. The property is leased on a peppercorn rent subject to review every 5 years. There is no indication that Sheffield City Council intend to review the rent payable.
6 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 100
At 31 March 2022 100
Leahs Yard Limited ,(a private limited company), was incorporated 23rd April 2021. It is a wholly owned subsidiary company of Sheffield Science Park Company Limited. Sheffield Science Park Company Limited owns 100 £1 ordinary shares in Leahs Yard Limited. Leahs Yard was dormant in the year to 31st March 2022.
7 Debtors 2022 2021
£ £
Trade debtors 15,830 24,162
Other debtors 7,501 10,526
23,331 34,688
8 Creditors: amounts falling due within one year 2022 2021
£ £
Bounce back loan 6,667 6,667
Trade creditors 23,083 13,984
Taxation and social security costs 30,285 39,442
Other creditors 59,940 25,373
119,975 85,466
9 Creditors: amounts falling due after one year 2022 2021
£ £
Bounce back loan 37,849 43,333
10 Other financial commitments 2022 2021
£ £
Total future minimum payments under non-cancellable operating leases 60,289 19,164
11 Related party transactions £ £
Sero Consulting Limited was a tenant of Sheffield Science Park Company Limited for part of the year to 31st March 2021. Ms E Wallis is a director of Sero Consulting Limited and a non-exec director of Sheffield Science Park Company Limited.
Rent and other charges made to Sero Consulting Limited - 8,523
Balance owed to Sero Consulting Limited at 31.03.2022. - 821
Consultancy purchased from Sero Consulting Limited 735 1,810
12 Other information
Sheffield Science Park Company Limited (Limited by Guarantee) is a private company limited by shares and incorporated in England. Its registered office is:
Cooper Buildings
Arundel Street
Sheffield
S1 2NS
Sheffield Science Park Company Limited (Limited by Guarantee) 01825398 false 2021-04-01 2022-03-31 2022-03-31 VT Final Accounts April 2022 NEIL MACDONALD No description of principal activity 01825398 2020-04-01 2021-03-31 01825398 core:WithinOneYear 2021-03-31 01825398 core:AfterOneYear 2021-03-31 01825398 core:RetainedEarningsAccumulatedLosses 2021-03-31 01825398 core:AllPeriods 2021-03-31 01825398 2021-04-01 2022-03-31 01825398 bus:CompanyLimitedByGuarantee 2021-04-01 2022-03-31 01825398 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01825398 bus:Director40 2021-04-01 2022-03-31 01825398 1 2021-04-01 2022-03-31 01825398 2 2021-04-01 2022-03-31 01825398 core:LandBuildings 2021-04-01 2022-03-31 01825398 core:PlantMachinery 2021-04-01 2022-03-31 01825398 countries:England 2021-04-01 2022-03-31 01825398 bus:FRS102 2021-04-01 2022-03-31 01825398 bus:FullAccounts 2021-04-01 2022-03-31 01825398 2022-03-31 01825398 core:WithinOneYear 2022-03-31 01825398 core:AfterOneYear 2022-03-31 01825398 core:RetainedEarningsAccumulatedLosses 2022-03-31 01825398 core:LandBuildings 2022-03-31 01825398 core:PlantMachinery 2022-03-31 01825398 core:AdditionsToInvestments 2022-03-31 01825398 core:AllPeriods 2022-03-31 01825398 2021-03-31 01825398 core:LandBuildings 2021-03-31 01825398 core:PlantMachinery 2021-03-31 iso4217:GBP xbrli:pure