GLYNDWR INNOVATIONS LIMITED

Company Registration Number:
03070909 (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

GLYNDWR INNOVATIONS 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

GLYNDWR INNOVATIONS 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

These financial statements should be read in conjunction with the financial statements of the ultimate parent organisation, Wrexham University, Mold Road, Wrexham, LL11 2AW. Copies of the consolidated financial statements in which this company is included are available from this address. The principal activities of the company are the provision of Technology services.

Additional information

The directors present their annual report and the audited financial statements of the company for the year ended 31 July 2023. Elements of the business relating to conferencing activities and the lease of space totenants in the St Asaph Campus ceased to operate within Glyndwr Innovations Ltd from 1 August 2022 and were transferred to the parent company Wrexham University. The Precision Optical Systems section of the business have continued to deliver on existing contracts whilst managing cost of sales carefully, but supply chain delays and severe staff shortages have resulted in delays to projects. This directors’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The parent organisation has committed to provide financial support to the company to enable it to continue to trade and meet its liabilities as they fall due for a period of not less than twelve months from the date that the financial statements are signed. Taking this support and the future prospects of the company into account, the Directors consider it appropriate to prepare these financial statements on a going concern basis. The Directors have considered the ability of the parent company to provide financial support if required.



Directors

The directors shown below have held office during the whole of the period from
1 August 2022 to 31 July 2023

Professor Maria Hinfelaar
Dr Aulay Mackenzie
Mr Graham Hunter Boase
Mr Anthony Gerald Biggs
Dr Robert Cameron Bolam
Professor Martin William Chambers


The director shown below has held office during the period of
1 August 2022 to 25 May 2023

Mr James Robert Barclay


Secretary Emma Forfar

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
7 February 2024

And signed on behalf of the board by:
Name: Emma Forfar
Status: Secretary

GLYNDWR INNOVATIONS LIMITED

Profit And Loss Account

for the Period Ended 31 July 2023

2023 2022


£

£
Turnover: 434,747 1,709,642
Cost of sales: ( 892,968 ) ( 1,724,540 )
Gross profit(or loss): (458,221) (14,898)
Distribution costs: 0 0
Administrative expenses: ( 504,692 ) ( 6,416 )
Other operating income: 2,679,425 0
Operating profit(or loss): 1,716,512 (21,314)
Interest payable and similar charges: ( 5 ) 0
Profit(or loss) before tax: 1,716,507 (21,314)
Tax: 0 0
Profit(or loss) for the financial year: 1,716,507 (21,314)

GLYNDWR INNOVATIONS LIMITED

Balance sheet

As at 31 July 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 21,018 4,000
Investments:   0 0
Total fixed assets: 21,018 4,000
Current assets
Stocks:   0 0
Debtors: 4 938,800 1,358,031
Cash at bank and in hand: 1,830 415,823
Investments:   0 0
Total current assets: 940,630 1,773,854
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 70,626 ) ( 2,932,461 )
Net current assets (liabilities): 870,004 (1,158,607)
Total assets less current liabilities: 891,022 ( 1,154,607)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 329,121 ) 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 561,901 (1,154,607)
Capital and reserves
Called up share capital: 2 2
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 561,899 (1,154,609 )
Total Shareholders' funds: 561,901 (1,154,607)

The notes form part of these financial statements

GLYNDWR INNOVATIONS 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 7 February 2024
and signed on behalf of the board by:

Name: Professor Maria Hinfelaar
Status: Director

The notes form part of these financial statements

GLYNDWR INNOVATIONS 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

    Turnover policy

    Elements of the business were transferred to the parent company Wrexham University from 1st August 2022 relating to conferencing activities and the lease of space to tenants in the St Asaph Campus. This resulted in a reduced level of income in 2022/23 along with reduced associated costs. Income from the sale of goods or services is credited to the Income Statement net of VAT when goods or services are supplied to third parties as work is completed in line with contractual terms. Work completed prior to an invoice being raised is recorded as a debtor on the Statement of Financial Position under the sub-category Other Debtors.

    Other accounting policies

    Glyndwr Innovations Limited (the ‘company’) is a private company, limited by shares, domiciled in England and Wales, company registration number 03070909. The registered office is Director of Finance's Office, Plas Coch, Mold Road, Wrexham, Wales. LL11 2AW. The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities, on the grounds of the company qualifying as a small company under the provisions of the Companies Act 2006. There were no material departures from that standard, and the company has applied relevant disclosure exemptions, including exemption from the requirement to prepare a cash flow statement, related party transactions and key management personnel. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.Going concernThe financial statements for the year ending 31 July 2023 have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.The principal activities of the company are the provision of Technology services, as part of the group headed by Wrexham University, the ultimate parent company. The company’s cash flows are therefore dependent on the continuation, volume, and pricing of those operations. The company meets its day to day working capital requirements from operational cash flows and an intercompany loan with the group headed by Wrexham University.The directors have performed a going concern assessment which indicates that, in reasonably possible downsides, the company will require additional funds through funding from its ultimate parent company, Wrexham University, to meet its liabilities as they fall due during the 12 month period from the date of approval of thesefinancial statements, the going concern assessment period. Wrexham University has indicated its intention to continue to make available such funds as are needed by the company during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.Key estimates and uncertaintiesThe directors do not consider there to be any judgements or estimates that contain sufficient uncertainty to have a significant impact upon the figures presented in these financial statements.Cost of SalesCost of Sales is recognised net of VAT and includes costs that are directly related to creating products and providing the service that generates income. It primarily consists of salary costs, materials, equipment maintenance and other direct operating costs. Prior to this financial year, all costs other than the audit fee were classed as cost of sales. All costs including materials purchased are expensed and reported on the income statement.Administrative ExpensesAdministrative expenses are recognised net of VAT and includes costs that are indirectly related to creating products and providing the service that generates income. It primarily consists of premises costs, audit fees, bad debt expense, travel and staff development costs. Prior to this financial year, all costs other than the audit feewere classed as cost of sales which is reflected in the higher amount of administrative expenses in 22/23.Cash and cash equivalentsCash flows comprise increases or decreases in cash. Cash includes cash in hand, cash at bank and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. No other investments, however liquid, are included as cash. Liquid resources comprise sums on short-term deposit with recognised banks. They exclude any such assets held as endowment assets.Financial instrumentsGlyndwr Innovations Limited hold only basic financial instruments (trade debtors/creditors, cash etc.) and does not recognise any embedded derivatives. Glyndwr Innovations has no loans in place and recognises no other financial instruments which may include embedded derivative. It also holds no forward foreign currency contracts.ProvisionsAt 31 July 2023, a provision was created to recognise the estimated present obligation that exists underone of Glyndwr Innovations Limited's contracts which is considered to be onerous.

GLYNDWR INNOVATIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 12 17

    Under the definitions set out in Financial Reporting Standard 102 (FRS102) Retirement Benefits, the Clwyd Pension Fund is a multi employer pension scheme. Glyndwr Innovations Limited is unable to identify its share of the underlying assets and liabilities of the scheme. The ultimate parent organisation, Wrexham University identifies the overall Wrexham University Group position in its financial statements. The total cost for the year was £94,666 (2022: £105,166).

GLYNDWR INNOVATIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2022 10,000 10,000
Additions 23,288 23,288
Disposals
Revaluations
Transfers
At 31 July 2023 33,288 33,288
Depreciation
At 1 August 2022 6,000 6,000
Charge for year 6,270 6,270
On disposals
Other adjustments
At 31 July 2023 12,270 12,270
Net book value
At 31 July 2023 21,018 21,018
At 31 July 2022 4,000 4,000

GLYNDWR INNOVATIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Debtors

2023 2022
£ £
Trade debtors 72,563 545,608
Prepayments and accrued income 15,390 165
Other debtors 850,847 812,258
Total 938,800 1,358,031
Debtors due after more than one year: 0 0

GLYNDWR INNOVATIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 21,680 16,336
Taxation and social security 0 0
Accruals and deferred income 16,935 188,614
Other creditors 32,011 2,727,511
Total 70,626 2,932,461

Inter company creditors are unsecured, interest free and repayable on demand.During the year Wrexham University, the parent of Glyndwr Innovations Limited, provided debt forgivenessof £2,675,425.