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REGISTERED NUMBER: 03375025 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Ilford Business Improvement District Ltd

Ilford Business Improvement District Ltd (Registered number: 03375025)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Ilford Business Improvement District Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Ms C Hobbs
I Y A Minto
Ms S De Courcy Rolls - (BID Chair)
D Haswell
A Hussain





REGISTERED OFFICE: 1 Woodbridge Road
Ipswich
Suffolk
IP4 2EA





BUSINESS ADDRESS: Room 503 Olympic House
28-42 Clements Road
Ilford
Essex
IG1 1BA





REGISTERED NUMBER: 03375025 (England and Wales)





ACCOUNTANTS: Ballams Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Ilford Business Improvement District Ltd (Registered number: 03375025)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,913 3,296

CURRENT ASSETS
Debtors 5 72,777 104,831
Cash at bank and in hand 284,613 339,098
357,390 443,929
CREDITORS
Amounts falling due within one year 6 69,588 17,587
NET CURRENT ASSETS 287,802 426,342
TOTAL ASSETS LESS CURRENT LIABILITIES 295,715 429,638

RESERVES
BID renewal reserve 8 20,160 15,120
Income and expenditure account 8 275,555 414,518
295,715 429,638

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 3 November 2023 and were signed on its behalf by:





Ms S De Courcy Rolls - (BID Chair) - Director


Ilford Business Improvement District Ltd (Registered number: 03375025)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ilford Business Improvement District Ltd 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.

Going concern
The current term of the BID comes to an end on 31 March 2024. During the period between 6 October 2023 to 2 November 2023, eligible businesses will be invited to take part in a BID ballot which, if successful, will renew the BID term for another five years.

Should the BID term not be renewed, the company will begin the process of closing down its operations.

Turnover
Turnover represents annual levy payments received from businesses in the Ilford Business Improvement District, voluntary contributions and other income generated in the course of promoting Ilford Town Centre.

Levy payments are recognised on a straight line basis over the year to which they relate with any necessary adjustments being made through deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on cost

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank facilities.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Ilford Business Improvement District Ltd (Registered number: 03375025)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Government grants
Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 April 2022 30,931
Additions 5,895
Disposals (3,326 )
At 31 March 2023 33,500
DEPRECIATION
At 1 April 2022 27,635
Charge for year 1,278
Eliminated on disposal (3,326 )
At 31 March 2023 25,587
NET BOOK VALUE
At 31 March 2023 7,913
At 31 March 2022 3,296

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,264 49,146
Other debtors 50,513 55,685
72,777 104,831

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 956 3,797
Other creditors 68,632 13,790
69,588 17,587

Ilford Business Improvement District Ltd (Registered number: 03375025)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,621 -
Between one and five years 3,583 -
31,204 -

8. RESERVES
Income
and BID
expenditure renewal
account reserve Totals
£    £    £   

At 1 April 2022 414,518 15,120 429,638
Deficit for the year (133,923 ) - (133,923 )
Transfer to BID renewal reserve (5,040 ) 5,040 -
At 31 March 2023 275,555 20,160 295,715

A transfer is made each year from the income and expenditure account to the BID renewal reserve. This is done to ensure sufficient funds are available to facilitate the BID renewal process at the end of the current BID term.

9. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee. Each member of the company under clause 6 of the Memorandum of Association has agreed to contribute up to £1 in the event of a winding up.