UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK LIMITED

Company Registration Number:
02776959 (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 SCIENCE PARK 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 SCIENCE PARK 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 directors present their annual report and the audited financial statements for the year ended 31 July 2023.Principal activitiesThe company is a private company limited by shares and was incorporated on 4 January 1993. The authorised, issued and fully paid up share capital of the company of five hundred and one thousand shares of £1 each has been allocated to University of Wolverhampton Enterprise Limited (a wholly owned subsidiary company of the University of Wolverhampton) (810 shares), Wolverhampton City Council (190 shares) and University of Wolverhampton (500,000 shares).The company engages in general trading and in particular, the management of the science park development situated at Stafford Road Wolverhampton, together with the promotion and further development of the Science Park site.The first phase of building development with associated infrastructure was completed in 1995. The second phase of construction was opened in October 2000 and provided additional flexible business accommodation including space for wet laboratory and engineering demonstration. The third phase of the Science Park development opened in November 2003, providing accommodation including facilities to promote and develop businesses involved in the creative industries. Phase four of the Science Park provided additional office and workshop accommodation along with Class 1 and 2 laboratories for the first time and is leased from the University of Wolverhampton. The Science Park site extends to approximately 2.8 hectares. The Directors gratefully acknowledge the support from the European Regional Development Fund and the support of Advantage West Midlands in part-financing the Science Park development.The trading results of the company are shown on page 11 of the financial statements and these are also within the projections and expectations of the board of directors at the commencement of the year. The Directors expect the levels of activity within the Company to fall initially in the new financial year as a continued result of the pandemic.



Directors

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

Donna Leeding
Guy Bowden


The director shown below has held office during the period of
1 August 2022 to 2 June 2023

Isobel Woods


The director shown below has held office during the period of
1 August 2022 to 31 January 2023

Professor Ian Campbell


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

Richard Lawrence


The director shown below has held office during the period of
1 February 2023 to 8 June 2023

Professor Damien Page


The director shown below has held office during the period of
3 August 2022 to 31 January 2023

Tim Steele


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
8 November 2023

And signed on behalf of the board by:
Name: Donna Leeding
Status: Director

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK LIMITED

Profit And Loss Account

for the Period Ended 31 July 2023

2023 2022


£

£
Turnover: 2,410,863 2,420,507
Cost of sales: ( 2,527,157 ) ( 2,433,026 )
Gross profit(or loss): (116,294) (12,519)
Distribution costs: 0 0
Administrative expenses: 0 0
Other operating income: 0 0
Operating profit(or loss): (116,294) (12,519)
Interest receivable and similar income: 9,120 875
Interest payable and similar charges: ( 13,888 ) ( 27,430 )
Profit(or loss) before tax: (121,062) (39,074)
Tax: ( 11,572 ) 5,385
Profit(or loss) for the financial year: (132,634) (33,689)

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK 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 10,045,907 10,306,031
Investments:   0 0
Total fixed assets: 10,045,907 10,306,031
Current assets
Stocks:   0 0
Debtors: 4 350,591 526,175
Cash at bank and in hand: 125,079 375,203
Investments:   0 0
Total current assets: 475,670 901,378
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 2,592,033 ) ( 3,145,230 )
Net current assets (liabilities): (2,116,363) (2,243,852)
Total assets less current liabilities: 7,929,544 8,062,179
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 7,929,544 8,062,179
Capital and reserves
Called up share capital: 501,000 501,000
Share premium account: 0 0
Other reserves: 1,869,611 1,894,812
Profit and loss account: 5,558,933 5,666,367
Total Shareholders' funds: 7,929,544 8,062,179

The notes form part of these financial statements

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK 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 8 November 2023
and signed on behalf of the board by:

Name: Donna Leeding
Status: Director

The notes form part of these financial statements

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK 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 Financial Reporting Standard 101

    Other accounting policies

    University of Wolverhampton Science Park Limited, the Company, is a company limited by shares and incorporated and domiciled in the UK. These 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 UK GAAP, the Company has made measurement and recognition adjustments against the value of its Land.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 Wulfruna Street, Wolverhampton, WV1 1LY 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 adopted IFRS/old UK GAAP for de-recognition of financial assets and liabilities before the date of transition, accounting estimates or discontinued operations

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK 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 SCIENCE PARK 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 17,344,568 72,719 762,159 0 0 18,179,446
Additions 0 0 101,007 0 0 101,007
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 July 2023 17,344,568 72,719 863,166 0 0 18,280,453
Depreciation
At 1 August 2022 7,312,270 72,719 488,426 0 0 7,873,415
Charge for year 324,016 0 37,115 0 0 361,131
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 July 2023 7,636,286 72,719 525,541 0 0 8,234,546
Net book value
At 31 July 2023 9,708,282 0 337,625 0 0 10,045,907
At 31 July 2022 10,032,298 0 273,733 0 0 10,306,031

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Debtors

2023 2022
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 350,591 526,175
Total 350,591 526,175
Debtors due after more than one year: 0 0

UNIVERSITY OF WOLVERHAMPTON SCIENCE PARK 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 0 352,211
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 167,894 156,322
Accruals and deferred income 0 0
Other creditors 2,424,139 2,636,697
Total 2,592,033 3,145,230