REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
BANKERS: |
26 Market Hill |
Barnsley |
South Yorkshire |
S70 2QE |
SOLICITORS: |
1-11 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LP |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION ASSET/(LIABILITY) | 12 | ( |
) |
NET ASSETS |
CREDITORS |
Amounts falling due after more than one year |
9 |
RESERVES |
Other reserve | 10 |
Equity investment | 10 |
Retained earnings | 10 | 931,345 |
7,182,790 | 6,445,559 |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Barnsley Business and Innovation Centre 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
Significant judgements and estimates |
The significant judgement and estimate used in the preparation of the financial statements is: |
i) The Company has investment property which was professionally valued at the end of the financial year, therefore the directors believe the current carrying value is a reasonable representation of its actual market value. The accounting policy for this is detailed in note 2. |
ii) The Company operates a defined benefit pension fund for which the valuation at the balance sheet date has been determined by an independent actuary. The assumptions used are detailed in note 12 of the financial statements. |
There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, | value added tax and other sales taxes. |
Turnover is recognised on an accruals basis by reference to the rental contracts. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
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. |
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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Capital grants |
Capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
Pension costs and other post-retirement benefits |
The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. |
Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value using an appropriate rate. Pension scheme assets are valued at market value at the balance sheet date. The pension scheme deficit is recognised in full on the balance sheet. |
The company also made contributions to employees defined contribution private pension schemes. The annual contributions payable are charged to the profit and loss account. |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Revenue grants |
Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 1,005 |
NET BOOK VALUE |
At 31 March 2023 | 1,005 |
At 31 March 2022 | 1,005 |
Unlisted investments comprise of a 5% holding of the equity share capital of Excalibur (UK) Limited. |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | 242,793 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 6,560,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Cost | 8,573,760 | 8,431,553 |
Aggregate depreciation | (7,177,782 | ) | (6,545,416 | ) |
Investment property was valued on an open market basis on 31 March 2023 by Benell Limited . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 14,255 | - |
Other creditors |
Accruals and deferred income |
Deferred capital grants |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Other loans - 1-2 years | 42,302 | 41,069 |
Other loans - 2-5 years | 134,673 | 130,751 |
Other loans more 5yrs instal | 423,371 | 469,595 |
Deferred capital grants | 1,470,785 | 1,597,769 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 423,371 | 469,595 |
10. | RESERVES |
Retained | Other | Equity |
earnings | reserve | investment | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 4,225,555 |
Prior year adjustment | ( |
) | ( |
) |
Profit for the year |
Defined pension benefit scheme | 540,000 | - | - | 540,000 |
Investment property | (242,793 | ) | 242,793 | - | - |
At 31 March 2023 | 5,111,659 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | EMPLOYEE BENEFIT OBLIGATIONS |
The defined benefit scheme is operated in the United Kingdom for the company's employees, who are members of the South Yorkshire Pension Fund. The fund provides benefits based on final pensionable salary. The assets of the scheme are held separately from those of the company, administered by the trustees and managed professionally. The total contribution for the year was £17,000 of which employer's contributions totalled £11,000 and employee's contributions totalled £6,000. A full actuarial valuation of the scheme was carried out at 31 March 2022 and updated to 31 March 2023 by a qualified independent actuary. |
31.03.23 | 31.03.22 |
Rate of increase in salaries | 3.60% | 4.30% |
Rate of increase in pension payment | 3.00% | 3.30% |
Discount rate | 4.75% | 2.70% |
Rate of CPI inflation | 3.00% | 2.70% |
The assets of the scheme and the expected rate of return were: |
Value 31.03.23 (£ ) | Value 31.03.22 (£ ) |
Equities | 1,667 | 1.694 |
Bonds | 564 | 616 |
Property | 196 | 231 |
Cash/Liquidity | 25 | 26 |
Total market value of assets | 2,452 | 2,567 |
Present value of scheme liabilities | (2,136 | ) | (2,772 | ) |
Surplus (deficit) in the scheme and net pension liability | 316 | (205 | ) |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
Amounts recognised in the income and expenditure account |
2023 | 2022 |
(£ | ) | (£ | ) |
Current service costs | 24 | 24 |
Interest on pension scheme liabilities | 74 | 58 |
Interest income on plan assets | (68 | ) | (50 | ) |
Total | 30 | 32 |
Actual return on scheme assets | 178 | (228 | ) |
Reconciliation of Assets and Defined Benefit Obligations |
Changes in the fair value of the assets are: | 2023 | 2022 |
(£ | ) | (£ | ) |
Opening fair value of assets | 2,567 | 2,435 |
Expected return on assets | 68 | 50 |
Employer contributions | 11 | 10 |
Contributions by scheme participants | 6 | 6 |
Benefits paid | (105 | ) | (112 | ) |
Actuarial gain/(loss) on assets only | (95 | ) | 178 |
Fair value of assets at 31 March | 2,452 | 2,567 |
BARNSLEY BUSINESS AND INNOVATION CENTRE |
LIMITED (REGISTERED NUMBER: 02109925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
Changes on defined benefit obligation over the year are: | 2023 | 2022 |
(£ | ) | (£ | ) |
Opening defined benefit obligation | 2,772 | 2,826 |
Current service cost | 24 | 24 |
Member contributions | 6 | 6 |
Interest cost | 74 | 58 |
Benefits paid | (105 | ) | (112 | ) |
Actuarial loss/(gain) on liabilities | (635 | ) | (30 | ) |
Defined benefit obligations at 31 March | 2,136 | 2,772 |
Summary of Current & Prior Year amounts: |
2023 | 2022 | 2021 | 2020 | 2019 |
(£ ) | (£ | ) | (£ | ) | (£ | ) | (£ | ) |
Total market value of assets | 2,452 | 2,567 | 2,435 | 2,123 | 2,257 |
Present value of scheme liabilities | (2,136) | (2,772 | ) | (2,826 | ) | (2,592 | ) | (2,632 | ) |
Net pension asset (liability) | 316 | (205 | ) | (391 | ) | (469 | ) | (375 | ) |
Experience gain/loss on assets | - | - | - | - | - |
Experience (loss)/gain on liabilities | 200 | (186 | ) | (62 | ) | 112 | - |
13. | FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £574 (2022: £1,722). |
14. | COMPANY LIMITED BY GUARANTEE |
The members of the company throughout the current year were Barnsley Metropolitan Borough Council and Newable Limited. |
The liability of the members is limited to £1 by the terms of the company's Memorandum and Articles of Association. |