REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Mid Anglian Enterprise Agency Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Mid Anglian Enterprise Agency Limited |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Mid Anglian Enterprise Agency Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Eldo House, Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Fair value reserve | 10 |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Mid Anglian Enterprise Agency Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the total amount receivable by the company for services provided excluding VAT and includes income from sponsorship, donations, revenue funding and from property management. |
Income from services is recognised on an accruals basis and includes income as it is earned. |
All other income is included in turnover on receipt except where it is designated to be used to fund a specific activity and is included in turnover when this activity takes place. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Improvements to property - 10 years straight line and 6 years straight line |
Fixtures & equipment - 4 years straight line |
Freehold property is recognised at the revalued amount via the revaluation model. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Revaluations |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2017 | 83,361 | - | 83,361 |
Valuation in 2020 | 50,000 | - | 50,000 |
Valuation in 2023 | 120,000 | - | 120,000 |
Cost | 466,639 | 56,975 | 523,614 |
720,000 | 56,975 | 776,975 |
An independent valuation report was carried out by John Casson Survey Services Ltd on 11 April 2023. They gave a property valuation with vacant possession of £720,000. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security & other tax |
Tenants' deposits held |
Intercompany loan | 415 | 415 |
Accruals and deferred income |
Grant bursaries for start ups |
Tenants' deposits held and grant bursaries for start up businesses have equivalent ring fenced funds included in cash at bank. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans is a Government-backed loan obtained to alleviate the effects of Covid-19 on the company's cash flow. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2022 |
Property revaluation | 97,199 |
At 31 March 2023 |
The fair value reserve represents unrealised gains on revaluation and is non-distributable, and does not form part of retained earnings. |
Mid Anglian Enterprise Agency Limited (Registered number: 01805308) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
Directors |
Directors remuneration was paid in the year made up of salary of £81,250 (2022 - £76,422), pension of £1,321 (2022 - £1,321) and accrued bonus of £25,696 (2022 - NIL). |
National Enterprise Network |
(A company in which Alex Till is also a director) |
Expenses of £612 (2022 - £1,090) were supplied by this company in the year. |
Outstanding creditor at the year end of NIL (2022 - £1,078). |
Community Workshop Limited |
(A company in which Alex Till is also a director) |
Expenses of £253 (2022 - NIL) were supplied by this company in the year. |
Outstanding creditor at the year end of £45 (2022 - NIL). |
Ward Ambrose Limited |
(A company in which William Ward is also a director) |
Expenses of NIL (2022 - £270) were reimbursed to this company in the year. |
Jacobs Allen Limited |
(A company in which Christopher Kelly is also a director) |
Sponsorship income of £5,800 (2022 - £1,800) and expenses for management accounts services of £13,415 (2022 - NIL) were supplied by this company in the year. |
Outstanding debtor at the year end of £2,560 (2022 - creditor of £560). |
13. | COMPANY LIMITED BY GUARANTEE |
The company is limited by guarantee and does not have any share capital. |