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REGISTERED NUMBER: 01805308 (England and Wales)











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: Mrs A Mayley
A Ponder
R W Masson
A J Till
W J J Ward
C P Kelly
Mrs L E Ahuja





REGISTERED OFFICE: The Vision Centre
5 Eastern Way
Bury St Edmunds
Suffolk
IP32 7AB





REGISTERED NUMBER: 01805308 (England and Wales)





AUDITORS: Knights Lowe Limited
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 4 278 5,178
Tangible assets 5 751,026 631,409
751,304 636,587

CURRENT ASSETS
Debtors 6 69,914 95,138
Cash at bank and in hand 610,158 435,328
680,072 530,466
CREDITORS
Amounts falling due within one year 7 565,781 440,551
NET CURRENT ASSETS 114,291 89,915
TOTAL ASSETS LESS CURRENT LIABILITIES 865,595 726,502

CREDITORS
Amounts falling due after more than one
year

8

(28,232

)

(37,777

)

PROVISIONS FOR LIABILITIES (48,139 ) (25,338 )
NET ASSETS 789,224 663,387

RESERVES
Fair value reserve 10 205,222 108,023
Income and expenditure account 584,002 555,364
789,224 663,387

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

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 27 September 2023 and were signed on its behalf by:



A Ponder - Director



A J Till - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Website is being amortised evenly over its estimated useful life of three years.

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 31 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 14,700
AMORTISATION
At 1 April 2022 9,522
Charge for year 4,900
At 31 March 2023 14,422
NET BOOK VALUE
At 31 March 2023 278
At 31 March 2022 5,178

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 600,000 47,625 647,625
Additions - 9,350 9,350
Revaluations 120,000 - 120,000
At 31 March 2023 720,000 56,975 776,975
DEPRECIATION
At 1 April 2022 - 16,216 16,216
Charge for year - 9,733 9,733
At 31 March 2023 - 25,949 25,949
NET BOOK VALUE
At 31 March 2023 720,000 31,026 751,026
At 31 March 2022 600,000 31,409 631,409

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 48,391 91,683
Other debtors 21,523 3,455
69,914 95,138

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 10,649 10,648
Trade creditors 57,920 60,525
Social security & other tax 87,439 50,175
Tenants' deposits held 29,816 22,690
Intercompany loan 415 415
Accruals and deferred income 333,259 254,057
Grant bursaries for start ups 46,283 42,041
565,781 440,551

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 28,232 37,777

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 62,094 53,664
Between one and five years 151,647 213,741
213,741 267,405

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022 108,023
Property revaluation 97,199

At 31 March 2023 205,222

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.

James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited

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.