UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Company Registration Number:
02394827 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2023

Period of accounts

Start date: 1 August 2022

End date: 31 July 2023

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Directors' report period ended 31 July 2023

The directors present their report with the financial statements of the company for the period ended 31 July 2023

Principal activities of the company

The company is a private company limited by shares and is a wholly owned subsidiary company of The University of Wolverhampton. It was incorporated on 14 June 1989.The company engaged in the provision of continuing personal and professional development activities in association with The University of Wolverhampton. The trading results of the company are shown on page 5 of the financial statements are within the projections and expectations of the board of directors at the commencement of the year.

Political and charitable donations

The Company made no political contributions during the period (2022: £Nil). All profits of the Company each year are transferred to the University of Wolverhampton (an Exempt Charity) under a deed of covenant and are only made where there are sufficient distributable reserves.



Directors

The director shown below has held office during the period of
8 June 2023 to 31 July 2023

Philip Gravestock


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
21 November 2023

And signed on behalf of the board by:
Name: Philip Gravestock
Status: Director

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Profit And Loss Account

for the Period Ended 31 July 2023

2023 2022


£

£
Turnover: 2,762,345 2,686,252
Cost of sales: ( 2,485,159 ) ( 2,512,633 )
Gross profit(or loss): 277,186 173,619
Administrative expenses: ( 4,450 ) ( 7,350 )
Operating profit(or loss): 272,736 166,269
Interest receivable and similar income: 42,312 5,251
Profit(or loss) before tax: 315,048 171,520
Profit(or loss) for the financial year: 315,048 171,520

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Balance sheet

As at 31 July 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 309,034 330,660
Cash at bank and in hand: 659,706 1,439,912
Total current assets: 968,740 1,770,572
Creditors: amounts falling due within one year: 4 ( 842,406 ) ( 1,482,166 )
Net current assets (liabilities): 126,334 288,406
Total assets less current liabilities: 126,334 288,406
Total net assets (liabilities): 126,334 288,406
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 126,234 288,306
Total Shareholders' funds: 126,334 288,406

The notes form part of these financial statements

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 21 November 2023
and signed on behalf of the board by:

Name: Philip Gravestock
Status: Director

The notes form part of these financial statements

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    1 Accounting policiesThese financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. The amendments to FRS 102 issued in March 2018 and effective immediately have been applied. The presentation currency of these financial statements is sterling. In the transition to FRS 102 from old UK GAAP, the Company has made no measurement and recognition adjustments. The Company’s parent undertaking, University of Wolverhampton includes the Company in its consolidated financial statements. The consolidated financial statements of University of Wolverhampton are prepared in accordance with International Financial Reporting Standards as adopted by the EU and are available to the public and may be obtained from www.wlv.ac.ukIn these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures: - Reconciliation of the number of shares outstanding from the beginning to end of the period; - Cash Flow Statement and related notes; and-Key Management Personnel compensation. As the consolidated financial statements of University of Wolverhampton include the equivalent disclosures, the Company has also taken the exemptions under FRS 102 available in respect of the following disclosures:- Certain disclosures required by FRS 102.26 Share Based Payments; and,- The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.The Company proposes to continue to adopt the reduced disclosure framework of FRS 102 in its next financial statements.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. On first time adoption of FRS 102, the Company has not retrospectively changed its accounting under old UK GAAP for derecognition of financial assets and liabilities before the date of transition, accounting estimates or discontinued operations. 1.1 Measurement conventionThe financial statements are prepared on the historical cost basis. 1.2 Going concernThe financial statements have been prepared under the historical cost convention and in accordance with applicable Accounting Standards. In preparing these accounts the directors believe it is appropriate to adopt the going concern assumption based on the continued profitability of the company and their forecasts that the Company will continue to have sufficient resources for its ongoing operations. In addition the University of Wolverhampton has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company in order for it to meet its obligations and liabilities. The directors therefore consider that the company will be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. On this basis, they consider that it is appropriate to prepare the financial statements on a going concern basis.1.3 Foreign currencyTransactions in foreign currencies are translated to the Company’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account except for differences arising on the retranslation of qualifying cash flow hedges and items which are fair valued with changes taken to other comprehensive income, which are recognised in other comprehensive income. 1.4 Classification of financial instruments issued by the CompanyIn accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: - they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and - where the instrument will or may be settled in the company’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company’s own equity instruments or is a derivative that will be settled by the company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company’s own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. 1.5 Basic financial instrumentsTrade and other debtors / creditorsTrade and other debtors are recognised initially at transaction price less attributable transaction costs. 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 in the case of trade debtors. If the 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 instrument for a similar debt instrument.1.6 Basic financial instrumentsCash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. 1.7 Government grantsGovernment grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred.1.8 ProvisionsA provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee.1.9 ExpensesOperating lease Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.Interest receivable and Interest payable Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains. Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. 1.10 TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.Deferred tax is provided on timingdifferences which 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. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deductedor assessed for tax. Goodwill is adjusted by the amount of such deferred tax.Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 1.11 Accounting estimates and judgementsThere are no accounting estimates and judgements that will have a material effect on the University of Wolverhampton Social Enterprises Limited's Balance Sheet in 2022/23 or 2021/22.

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Debtors

2023 2022
£ £
Trade debtors 22,776 200,605
Prepayments and accrued income 286,258 130,055
Other debtors 0 0
Total 309,034 330,660

UNIVERSITY OF WOLVERHAMPTON SOCIAL ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 23,691 24,955
Accruals and deferred income 595,632 1,457,211
Other creditors 223,083 0
Total 842,406 1,482,166