REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Marketing Nottingham and Nottinghamshire |
Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Marketing Nottingham and Nottinghamshire |
Limited |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
Marketing Nottingham and Nottinghamshire |
Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Alexandra House |
43 Alexandra Street |
Nottingham |
NG5 1AY |
BANKERS: |
52 Rectory Road |
West Bridgford |
Nottingham |
NG2 6FF |
ACCOUNTANTS: |
11 The Office Village |
North Road |
Loughborough |
Leicestershire |
LE11 1QJ |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Chairman's Report |
for the Year Ended 31 March 2023 |
Our mission is to promote Nottingham and Nottinghamshire for the purpose of creating jobs, growing the local economy and improving the standard of living for local people, primarily through delivering first class inward investment opportunities and visitor economy support. |
The company has continued to receive significant financial support from Nottingham City Council, but in our mission to re-establish the company as a private sector led organisation we have sought to broaden the funding base by ensuring strong relationships are in place not only with the City Council, but also the County Council, both Universities and Nottingham Forest. As part of this process, we decided it was time to refresh the Board and we were delighted to welcome new members early in 2023. |
The year ended with us having to tender for core funding from the City Council instead of the grant funding which we had previously received (a successful process as we discovered shortly after the year end), and also confirmation that the CEO funded by the City Council would only continue until July 2023. These challenges once again highlighted the resilience of the organisation and the commitment and enthusiasm of our teams and I would like to personally thank them all for their hard work over the period of these accounts and since, which has ensured that services have still been provided to stakeholders and members for the benefit of the local economy and its people and it is this, together with the passion, experience and contacts of our new board members which gives me confidence that we can ensure that the area truly delivers to its full potential. |
Iain Blatherwick |
Chairman |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
RESERVES |
Income and expenditure account | 9 | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Marketing Nottingham and Nottinghamshire Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from the above standard. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Preparation of the financial statements on the going concern basis assumes the company will continue in operational existence for the foreseeable future as set out in the notes. |
Preparation of consolidated financial statements |
The financial statements contain information about Marketing Nottingham and Nottinghamshire Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
Significant judgements and estimates |
The Directors are continually evaluating significant judgements and estimates based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
The Directors consider that there are no significant judgements and estimates in applying the company's accounting policies. |
Turnover and grant income |
Turnover includes funding receivable by the company, excluding VAT, from local government, European and other outside sources together with sales of merchandise through Nottingham Tourism Centre. Turnover is credited to the income statement in the same period as any directly related expenditure. Any turnover received in advance of directly related expenditure is credited to a deferred income account and released to the income statement as the expenditure is incurred. This applies to income from all sources including public sector grant funding where there is also a policy whereby should expenditure be incurred in advance of a grant being received then a debtor will be included to ensure income and expenditure are matched. |
Membership income is spread over the period of membership. |
Tangible fixed assets and depreciation |
Office equipment and furniture | - |
Tangible fixed assets are included at cost less depreciation and impairment. |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is determined at the average purchase price. Net realisable value is defined as estimated selling price less all further costs to be incurred in marketing and selling. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged against income on a straight line basis over the lease term. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimated useful lives. Those held under finances leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of the obligations is charged to the income statement over the relevant period. The capital element of the future payments are treated as a liability. |
Pension costs and other post-retirement benefits |
The company participates in a multi-employer defined benefit pension scheme. The company pays a grouped contribution rate with other admitted body employers rather than contributing at a separately calculated rate. Consequently the company is advised by the scheme actuary that it is not possible to identify its share of underlying assets and liabilities of the scheme. Contributions are charged to the profit and loss account as they become payable. |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
Non-derivative financial instruments comprise, trade and other debtors, cash and cash equivalents and trade and other creditors. |
Trade and other debtors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and deposits. |
Trade and other creditors |
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
Impairment |
Trade and other debtors are carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that they are impaired. |
Website development |
Planning, application and infrastructure development, design and content costs in respect of website development are written off to the income statement in the period in which they are incurred. External funding in respect of website development is credited to the income statement in the period in which it is receivable. |
Impairment |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
and |
furniture |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Office |
equipment |
and |
furniture |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases (see note 8) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 3,288 | - |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | RESERVES |
Income and |
expenditure |
account |
£ |
At 1 April 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2023 | ( |
) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of Wright Vigar Limited |
Emphasis of matter relating to going concern |
In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in the notes to the financial statements concerning the ability of the company to continue as a going concern for the foreseeable future, defined as being no less than twelve months from the date upon which the financial statements were signed. |
These conditions, along with other matters explained in the notes to the financial statements, indicate the existence of a material uncertainty which casts doubt on the company's ability to continue as a going concern. |
The financial statements do not include any adjustments that would be required should the company be unable to continue as a going concern. |
Marketing Nottingham and Nottinghamshire |
Limited (Registered number: 03744996) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | GOING CONCERN |
As a result of the balance sheet deficit accumulated over a number of years, together with uncertainty over the political environment and the impact that this may have on local Government funding, the directors continue to critically appraise the company's long term plans and financial forecasts and have also consulted with major funders regarding their ongoing support. |
The directors acknowledge that the future financial support of key local authority funders and other public bodies is dependent on their future policy decisions and directives from central government. |
The City Council has, however, continued support in all areas including cash flow assistance and in the form of SLA's for the promotion of inward investment and visitor economy growth. |
The directors are aware that following Brexit, ERDF Project income has now ceased, after a transitional period that ended in May 2023. |
Membership income is building back to more normal levels in the post Covid years, and a concerted effort continues to be made to expand the membership base. |
In addition, considerable effort has been made by the organisation to identify new sources of funding, including grant funding, from the public sector and also to generate additional income from the private sector. In this uncertain economic climate both public and private sectors are cautious about committing future funding although they are keen to support the strategic direction of the organisation. |
Budgets have been prepared for 2023/2024 and these indicate that a modest surplus should be achieved for the year. |
Careful monitoring of the ongoing cash flow position has ensured stronger control of the finances. Current actual performance and support from Nottingham City Council allows the Directors to be confident that, in addition to an anticipated surplus for 2023/2024, the Board are forecasting that cash flow will be positive during that period. |
Taking all of the above factors into account, including a review of forecasts for 2023/2024 and current expressions of outline future financial support from major funders into the financial year 2024/2025, the directors consider that it is appropriate for the accounts to be prepared on a going concern basis. |
12. | COMPANY LIMITED BY GUARANTEE |
The company is a private company limited by guarantee and not having any share capital. The liability of the members is limited to such amount not exceeding £1 in the event of the winding up of the company. |