BID Huntingdon Ltd 05156652 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is to deliver the projects proposed in the BID Huntingdon Business Plan 2022-2027. The projects aims to improve the vibrancy, vitality and commercial viability of Huntingdon and to create a town where shopping, working, living and spending leisure time is an enjoyable experience. For more details please see our website at www.huntingdonfirst.co.uk. Digita Accounts Production Advanced 6.30.9574.0 true true 05156652 2022-10-01 2023-09-30 05156652 2023-09-30 05156652 bus:Director11 2023-09-30 05156652 bus:Director24 2023-09-30 05156652 bus:Director27 2023-09-30 05156652 bus:Director3 2023-09-30 05156652 bus:Director30 2023-09-30 05156652 bus:Director36 2023-09-30 05156652 bus:Director6 2023-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2023-09-30 05156652 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 05156652 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 05156652 core:CurrentFinancialInstruments 2023-09-30 05156652 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 05156652 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 05156652 core:FurnitureFittingsToolsEquipment 2023-09-30 05156652 bus:SmallEntities 2022-10-01 2023-09-30 05156652 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 05156652 bus:FullAccounts 2022-10-01 2023-09-30 05156652 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 05156652 bus:RegisteredOffice 2022-10-01 2023-09-30 05156652 bus:Chairman 2022-10-01 2023-09-30 05156652 bus:CompanySecretary1 2022-10-01 2023-09-30 05156652 bus:Director11 2022-10-01 2023-09-30 05156652 bus:Director14 2022-10-01 2023-09-30 05156652 bus:Director20 2022-10-01 2023-09-30 05156652 bus:Director23 2022-10-01 2023-09-30 05156652 bus:Director24 2022-10-01 2023-09-30 05156652 bus:Director27 2022-10-01 2023-09-30 05156652 bus:Director3 2022-10-01 2023-09-30 05156652 bus:Director30 2022-10-01 2023-09-30 05156652 bus:Director33 2022-10-01 2023-09-30 05156652 bus:Director36 2022-10-01 2023-09-30 05156652 bus:Director37 2022-10-01 2023-09-30 05156652 bus:Director39 2022-10-01 2023-09-30 05156652 bus:Director4 2022-10-01 2023-09-30 05156652 bus:Director5 2022-10-01 2023-09-30 05156652 bus:Director6 2022-10-01 2023-09-30 05156652 bus:CompanyLimitedByGuarantee 2022-10-01 2023-09-30 05156652 bus:Agent1 2022-10-01 2023-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 05156652 core:FurnitureFittings 2022-10-01 2023-09-30 05156652 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 05156652 core:OfficeEquipment 2022-10-01 2023-09-30 05156652 6 2022-10-01 2023-09-30 05156652 countries:England 2022-10-01 2023-09-30 05156652 2022-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2022-09-30 05156652 core:FurnitureFittingsToolsEquipment 2022-09-30 05156652 2021-10-01 2022-09-30 05156652 2022-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2022-09-30 05156652 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-09-30 05156652 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-09-30 05156652 core:CurrentFinancialInstruments 2022-09-30 05156652 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 05156652 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 05156652 core:FurnitureFittingsToolsEquipment 2022-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 05156652 2021-09-30 05156652 core:RetainedEarningsAccumulatedLosses 2021-09-30 iso4217:GBP xbrli:pure

Registration number: 05156652

BID Huntingdon Ltd

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

BID Huntingdon Ltd

Contents

Company Information

1

Directors' Report

2 to 3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

BID Huntingdon Ltd

Company Information

Chairman

Mrs E Proctor King

Directors

Mr S R Wakeford

Mr J DeHavilland

Ms C J Barden

Mrs S Green

Mrs E Proctor King

Mr T Sanderson

Mr J P Mason

Mrs C Winstanley

Dr D L Cole

Mr S P Cox

Ms V Brighton

Ms S Hemingway

Mr J Kerby

Company secretary

Mr MR Ellis FCA

Registered office

23A Chequers Court
Huntingdon
Cambs
PE29 3LZ

Solicitors

Leeds Day
Godwin House
George Street
Huntingdon
Cambridgeshire
PE29 3ND

Accountants

AIMS Accountants for Business
Mark Ellis FCA
134 High Street
Offord Cluny
St Neots
Cambridgeshire
PE19 5RQ

 

BID Huntingdon Ltd

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr S R Wakeford (appointed 17 November 2022)

Mr J DeHavilland

Ms C J Barden

Mrs S Green (appointed 25 May 2023)

Mrs E Proctor King - Chairman

Mr R Walker (Resigned 23 June 2023)

Mr T Sanderson

Mr J P Mason

Mrs C Winstanley

Mr C G Doyle (Resigned 21 February 2023)

Dr D L Cole (appointed 20 June 2023)

Mr Richard De Havilland (appointed 5 January 2023 and Resigned 30 September 2023)

Mr S P Cox

Ms V Brighton (appointed 1 April 2023)

Ms S Hemingway

Mr J Kerby

 

BID Huntingdon Ltd

Directors' Report for the Year Ended 30 September 2023

Principal activity

The principal activity of the company is to deliver the projects proposed in the BID Huntingdon Business Plan 2022-2027. The projects aims to improve the vibrancy, vitality and commercial viability of Huntingdon and to create a town where shopping, working, living and spending leisure time is an enjoyable experience. For more details please see our website at www.huntingdonfirst.co.uk.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mr MR Ellis FCA
Company secretary

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
BID Huntingdon Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BID Huntingdon Ltd for the year ended 30 September 2023 as set out on pages 5 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of BID Huntingdon Ltd, as a body, in accordance with the terms of our engagement letter dated 20 July 2004. Our work has been undertaken solely to prepare for your approval the accounts of BID Huntingdon Ltd and state those matters that we have agreed to state to the Board of Directors of BID Huntingdon Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BID Huntingdon Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that BID Huntingdon Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of BID Huntingdon Ltd. You consider that BID Huntingdon Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of BID Huntingdon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

AIMS Accountants for Business
Mark Ellis FCA
134 High Street
Offord Cluny
St Neots
Cambridgeshire
PE19 5RQ

9 November 2023

 

BID Huntingdon Ltd

Profit and Loss Account for the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

 

202,102

168,821

Cost of sales

 

(110,957)

(50,678)

Gross surplus

 

91,145

118,143

Administrative expenses

 

(124,515)

(141,109)

Operating deficit

 

(33,370)

(22,966)

Other interest receivable and similar income

 

401

58

Interest payable and similar expenses

 

(182)

-

   

219

58

Deficit before tax

4

(33,151)

(22,908)

Deficit for the financial year

 

(33,151)

(22,908)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

BID Huntingdon Ltd

(Registration number: 05156652)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,355

2,649

Current assets

 

Stocks

6

4,934

-

Debtors

7

33,592

28,677

Cash at bank and in hand

 

61,137

90,405

 

99,663

119,082

Creditors: Amounts falling due within one year

8

(26,296)

(9,485)

Net current assets

 

73,367

109,597

Total assets less current liabilities

 

78,722

112,246

Creditors: Amounts falling due after more than one year

8

-

(373)

Net assets

 

78,722

111,873

Reserves

 

Retained earnings

78,722

111,873

Surplus

 

78,722

111,873

 

BID Huntingdon Ltd

(Registration number: 05156652)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mrs E Proctor King
Chairman

 

BID Huntingdon Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Retained earnings
£

Total
£

At 1 October 2022

111,873

111,873

Deficit for the year

(33,151)

(33,151)

At 30 September 2023

78,722

78,722

Retained earnings
£

Total
£

At 1 October 2021

134,781

134,781

Deficit for the year

(22,908)

(22,908)

At 30 September 2022

111,873

111,873

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
23A Chequers Court
Huntingdon
Cambs
PE29 3LZ

These financial statements were authorised for issue by the Board on 9 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Other grants

Most of the income comes from the Business Improvement District levy, This is a local business levy for a defined area of Huntingdon and is charged at a small percentage of the rateable value of the businesses located in the area. It is collected by the local authority and passed onto the company to spend on activities set out in it's business plan.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

30% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of a liquidation.

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 4 (2022 - 4).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

878

1,319

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

4,247

4,247

Additions

3,584

3,584

At 30 September 2023

7,831

7,831

Depreciation

At 1 October 2022

1,598

1,598

Charge for the year

878

878

At 30 September 2023

2,476

2,476

Carrying amount

At 30 September 2023

5,355

5,355

At 30 September 2022

2,649

2,649

6

Stocks

2023
£

2022
£

Merchandise

4,934

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,441

499

Prepayments

9,724

4,797

Other debtors

16,427

23,381

 

33,592

28,677

 

BID Huntingdon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

373

574

Trade creditors

 

7,809

3,009

Taxation and social security

 

1,317

5,614

Accruals and deferred income

 

16,402

552

Other creditors

 

395

(264)

 

26,296

9,485

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £374 (2022 - £574).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

373

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of NIL

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

373

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

373

574