REGISTERED NUMBER: |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
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 | to | 8 |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Swansea, United Kingdom |
AUDITORS OFFICE: |
Charter Court |
Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
RESERVES |
Fair value reserve |
Income and expenditure account |
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 |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Cardiff Business Technology Centre Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to nearest £. |
The company's principal place of business is Senghenydd Road, Cathays, Cardiff, CF24 4AY. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The particular accounting policies adopted, which have been applied consistently throughout the current and the prior financial year, are described below. |
Going concern |
The directors have assessed the statement of financial position and likely future cash flows of the company at the date of approving the financial statements and believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Impairment of assets |
Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
Recoverability of related party debtors |
The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt. |
Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
Turnover |
The turnover, which arises in the United Kingdom, is attributable to the company's principal activity. |
Turnover represents amounts derived from rental income |
Revenue recognition |
Revenue is recognised evenly over the period to which it relates. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows: |
Fittings and equipment - 15% per annum |
Investment property |
The company's leasehold land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve. |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, which include trade debtors and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, including trade creditors and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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 |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
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 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. |
Pensions |
The company operates a defined benefit pension scheme which is administered by Cardiff Council. The company accounts for its share of the surplus or deficit and administration costs of this scheme. |
The level of contributions made to the scheme and the cost of contributions included in the financial statements are based on the recommendations of independent actuaries. |
The scheme assets are an estimate of the company's notional share of the total fund assets measured at market value at each statement of financial position date and liabilities are measured using the projected unit method, discounted using a corporate bond rate. The company's notional share of assets is assumed to be invested in the same proportion as the fund as a whole in the different asset classes. The resulting pension scheme surplus or deficit is recognised immediately on the statement of financial position, net of deferred tax where applicable, and any resulting actuarial gains and losses are recognised immediately in other comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Investment | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Revaluations | ( |
) | ( |
) |
At 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 |
The company's leasehold property is treated as an investment property. |
The long leasehold property was valued by the directors at £495,000 as at 31 March 2023, with reference to an independent valuation by Cooke & Arkwright Chartered Surveyors as at 31 March 2016. The valuation was carried out by Elizabeth Hill BSc MRICS. Market value is considered to be the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction. |
The above is the open market valuation on the basis of existing use. |
The historical cost of the investment property at the balance sheet date was £179,660 (2022- £179,660). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related parties | 23,388 | 8,234 |
Other debtors |
Prepayments and accrued income |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | CASH AT BANK AND IN HAND |
2023 | 2022 |
£ | £ |
Cash at bank | 215,197 | 299,203 |
Cash at bank - restricted | 282 | 281 |
Cash at bank - cash deposits |
Cash at bank - unrestricted | 2 | 2 |
Cash in hand | 22 | 22 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
VAT | 8,650 | 18,136 |
Other creditors |
Accruals and deferred income |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RETIREMENT BENEFITS |
`The amounts recognised in the statement of financial position are as follows: |
2023 | 2022 |
£ | £ |
Fair value of assets | 1,358,000 | 1,359,000 |
Present value of scheme liabilities | (946,000 | ) | (1,219,000 | ) |
412,000 | 140,000 |
Irrecoverable surplus - pension asset not recognised | (412,000 | ) | (140,000 | ) |
Net surplus/(liability) recognised at 31 March | - | - |
The surplus in the defined benefit pension plan as at 31 March 2023 (31 March 2022) was not recognised as there was insufficient evidence at the date of signing the 2023 financial statements that the entity could gain economic benefit from the asset and that the amounts at the statement of financial position date of £412,000 (2022 - £140,000) were recoverable. Accordingly £nil deferred tax liability was provided in respect of the pension asset as at 31 March 2023 (31 March 2022). |
CARDIFF BUSINESS TECHNOLOGY CENTRE |
LIMITED (REGISTERED NUMBER: 02074331) |
(A COMPANY LIMITED BY GUARANTEE AND NOT |
HAVING A SHARE CAPITAL) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | RELATED PARTY DISCLOSURES |
During the year, the company made management fees recharges of £47,273 (2022 - £43,342) to CBTC2, a business of which the company is the managing agent and which is under common control. At the year-end, there is a balance owed by CBTC2 of £23,388 (2022 - £8,234), the balance is interest-free and is repayable on demand. |
Amounts owed by group undertakings of £10,851 (2022 - £10,851) are due from Cardiff Council and are repayable on demand. |
£24,271 (2022 - £38,977) owed by Cardiff Council at the Statement of Financial Position date has been reclassified from trade debtors and has been paid in full subsequent to the year-end. These amounts are including VAT. |
During the year ended 31 March 2023 the company made recharges to Cardiff Council. Included in this balance were management fees amounting to £51,500 (2022 - £46,250). |
Management fees £36,000 (2022 - £0) were paid to Cardiff Council during the year. |
At the year-end there is a current account balance owed to Cardiff Council totalling £12,988 (2022 - £12,986), included in amounts owed to group undertakings. Amounts owed to group undertakings also include monies received from Cardiff Council in respect of a Business Enterprise Investment Fund £6,960 (2022 - £6,960). Amounts owing to Cardiff Council are interest-free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is Cardiff Council. Cardiff Council heads the largest and smallest group of undertakings of which the company is a member and for which group financial statements are prepared. |
The address of Cardiff Council is City Hall, Atlantic Wharf, Cardiff, CF10 4UW. |
12. | LIMITED BY GUARANTEE |
The company has no share capital. The members of the company have given a commitment that, in the event of the company being wound up and unable to meet its debts in full, each member would contribute up to £10. |