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REGISTERED NUMBER: 02109925 (England and Wales)












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: Mr R Frost (alternate director)
Ms S Howard (alternate director)
Mr R C Thompson
Dr M G Cohen
Mr J Keane
Mr C Lamb
Ms K Mcardle
Ms K Moseshvili
Mr M B Walsh
Mr S J Young
Mr M O'Neill
Mr D Harper


SECRETARY: Mr S S Ghuman


REGISTERED OFFICE: Innovation Way
Wilthorpe Road
Barnsley
South Yorkshire
S75 1JL


REGISTERED NUMBER: 02109925 (England and Wales)


AUDITORS: Gibson Booth Limited
Statutory Auditor
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB


BANKERS: National Westminster Bank plc
26 Market Hill
Barnsley
South Yorkshire
S70 2QE


SOLICITORS: Mills Kemp & Brown
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 4 268,195 85,535
Investments 5 1,005 1,005
Investment property 6 6,560,000 6,175,000
6,829,200 6,261,540

CURRENT ASSETS
Debtors 7 90,105 201,677
Cash at bank and in hand 402,801 666,673
492,906 868,350
CREDITORS
Amounts falling due within one year 8 455,316 479,331
NET CURRENT ASSETS 37,590 389,019
TOTAL ASSETS LESS CURRENT LIABILITIES 6,866,790 6,650,559

PENSION ASSET/(LIABILITY) 12 316,000 (205,000 )
NET ASSETS 7,182,790 6,445,559

CREDITORS
Amounts falling due after more than one
year

9

2,071,131

2,239,184

RESERVES
Other reserve 10 3,017,823 2,775,030
Equity investment 10 500,000 500,000
Retained earnings 10 1,593,836 931,345
5,111,659 4,206,375
7,182,790 6,445,559

BARNSLEY BUSINESS AND INNOVATION CENTRE
LIMITED (REGISTERED NUMBER: 02109925)

BALANCE SHEET - continued
31 MARCH 2023


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 16 October 2023 and were signed on its behalf by:





Dr M G Cohen - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 to 10 years
Computer equipment - Straight line over 3 to 10 years

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 21 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 683,776 251,411 935,187
Additions 195,959 3,983 199,942
Disposals (14,174 ) (220,456 ) (234,630 )
At 31 March 2023 865,561 34,938 900,499
DEPRECIATION
At 1 April 2022 621,205 228,447 849,652
Charge for year 16,015 1,266 17,281
Eliminated on disposal (14,174 ) (220,455 ) (234,629 )
At 31 March 2023 623,046 9,258 632,304
NET BOOK VALUE
At 31 March 2023 242,515 25,680 268,195
At 31 March 2022 62,571 22,964 85,535

5. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 1,000 5 1,005
NET BOOK VALUE
At 31 March 2023 1,000 5 1,005
At 31 March 2022 1,000 5 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 6,175,000
Additions 142,207
Revaluations 242,793
At 31 March 2023 6,560,000
NET BOOK VALUE
At 31 March 2023 6,560,000
At 31 March 2022 6,175,000

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 63,107 46,888
Other debtors - 1,067
VAT - 7,928
Prepayments and accrued income 26,998 145,794
90,105 201,677

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Other loans 41,069 39,873
Trade creditors 140,306 162,611
Amounts owed to group undertakings 1,000 1,000
Social security and other taxes 4,913 6,548
VAT 14,255 -
Other creditors 71,993 67,512
Accruals and deferred income 83,479 101,574
Deferred capital grants 98,301 100,213
455,316 479,331

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
2,071,131 2,239,184

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 950,525 2,775,030 500,000 4,225,555
Prior year adjustment (19,180 ) (19,180 )
931,345 4,206,375
Profit for the year 365,284 365,284
Defined pension benefit scheme 540,000 - - 540,000
Investment property (242,793 ) 242,793 - -
At 31 March 2023 1,593,836 3,017,823 500,000 5,111,659

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Scott Mell (Senior Statutory Auditor)
for and on behalf of Gibson Booth Limited

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.

31.03.2331.03.22

Rate of increase in salaries3.60%4.30%
Rate of increase in pension payment3.00%3.30%
Discount rate4.75%2.70%
Rate of CPI inflation3.00%2.70%
The assets of the scheme and the expected rate of return were:



Value
31.03.23
(£   )
Value
31.03.22
(£   )

Equities1,6671.694
Bonds564616
Property196231
Cash/Liquidity 2526
Total market value of assets2,4522,567
Present value of scheme liabilities(2,136)(2,772)
Surplus (deficit) in the scheme and net pension liability316(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

20232022
(£   )(£   )

Current service costs2424
Interest on pension scheme liabilities7458
Interest income on plan assets(68)(50)

Total3032

Actual return on scheme assets178(228)

Reconciliation of Assets and Defined Benefit Obligations

Changes in the fair value of the assets are:20232022
(£   )(£   )

Opening fair value of assets2,5672,435
Expected return on assets6850
Employer contributions1110
Contributions by scheme participants66
Benefits paid(105)(112)
Actuarial gain/(loss) on assets only(95)178
Fair value of assets at 31 March2,4522,567


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:20232022
(£   )(£   )

Opening defined benefit obligation2,7722,826
Current service cost2424
Member contributions66
Interest cost7458
Benefits paid(105)(112)
Actuarial loss/(gain) on liabilities(635)(30)
Defined benefit obligations at 31 March2,1362,772

Summary of Current & Prior Year amounts:

20232022202120202019
(£   )(£   )(£   )(£   )(£   )

Total market value of assets2,4522,5672,4352,1232,257
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 liabilities200(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.