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REGISTERED NUMBER: 02457862 (England and Wales)















NEW FOREST ENTERPRISE CENTRE LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

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


NEW FOREST ENTERPRISE CENTRE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: N J Chase
P D Cliffe-Roberts
D N Ferrier
Cllr. J D Heron
J R Hill
Cllr. D B Tipp
A J Mills





REGISTERED OFFICE: Rushington Business Park
Chapel Lane
Totton
Southampton
Hampshire
SO40 9LA





REGISTERED NUMBER: 02457862 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,291,466 1,248,678

CURRENT ASSETS
Debtors 5 128,694 48,289
Cash at bank and in hand 344,944 686,263
473,638 734,552
CREDITORS
Amounts falling due within one year 6 154,222 243,628
NET CURRENT ASSETS 319,416 490,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,610,882

1,739,602

CREDITORS
Amounts falling due after more than one
year

7

(332,462

)

(35,306

)

PROVISIONS FOR LIABILITIES - (28,848 )
NET ASSETS 1,278,420 1,675,448

RESERVES
Retained earnings 1,278,420 1,675,448
1,278,420 1,675,448

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 23 November 2023 and were signed on its behalf by:





N J Chase - Director


NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. COMPANY INFORMATION

New Forest Enterprise Centre Limited was incorporated on 9 January 1990 under the Companies Act 1985 as a private company limited by guarantee and is registered in England and Wales. The address of its registered office is New Forest Enterprise Centre, Rushington Business Park, Chapel Lane, Totton, Southampton, Hampshire, SO40 9LA.

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.

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

The presentation currency is £ sterling.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capital expenditure


The directors assess the expenditure on capital assets as to whether it is capital in nature, or is a
repair of an existing item. Capital items are included within fixed assets and depreciated over their
estimated useful lives. Repair costs are written off to the Income Statement.

Turnover
Turnover represents rents receivable, service charges and utility re-charges, and is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided to write off the cost, less estimated residual values of all tangible fixed assets, evenly over their expected useful lives. It is calculated at the following rates:

Leasehold land and buildings- over the life of the building which is considered to be 50 years
Plant and machinery- 15% to 33% on cost

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted prospectively.

At the end of each reporting period, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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.

Pension costs
The company operates a defined contribution pension scheme. Contributions are charged in the Income Statement as they become payable in accordance with the rules of the scheme.

Government grants
Government grants are recognised at the fair value of the asset received. The accrual model has been applied and grants relating to assets are recognised in the Income Statement on a systematic basis over the expected useful life of the asset.

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to the Income Statement on a straight line basis over the lease term.

Capital and revenue expenditure
Management determine whether to capitalise expenditure depending on the nature and type of the expense in accordance with FRS 102. Any expenditure which is not capitalised is expensed into the Profit or Loss account as revenue expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£ £ £
COST
At 1 April 2022 2,933,031 61,447 2,994,478
Additions 90,111 30,810 120,921
At 31 March 2023 3,023,142 92,257 3,115,399
DEPRECIATION
At 1 April 2022 1,704,796 41,004 1,745,800
Charge for year 70,351 7,782 78,133
At 31 March 2023 1,775,147 48,786 1,823,933
NET BOOK VALUE
At 31 March 2023 1,247,995 43,471 1,291,466
At 31 March 2022 1,228,235 20,443 1,248,678

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 24,377 9,605
Other debtors 104,317 38,684
128,694 48,289

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 18,176 41,302
Social security and other taxes 1,532 81,829
VAT 10,815 32,354
Licensees deposits 68,658 63,429
Accruals and deferred income 55,041 24,714
154,222 243,628

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Other loans - 1-2 years 300,000 -
Accruals and deferred income 32,462 35,306
332,462 35,306

The prior year figures have been updated to correctly reflect the maturity profile of an accrual. This has led to 'Creditors: Amounts falling due within one year' being reduced by £35,306 and 'Creditors: Amounts falling due after more than one year' being increased by £35,306.

NEW FOREST ENTERPRISE CENTRE LTD (REGISTERED NUMBER: 02457862)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 97,320 93,000
Between one and five years 389,280 372,000
In more than five years 10,509,000 10,695,000
10,995,600 11,160,000

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

The Report of the Auditors was unqualified.

Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP

10. LIMITED BY GUARANTEE

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 liquidation.