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REGISTERED NUMBER: 02074331 (England and Wales)


















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: K Poole
R V Ellis



SECRETARY: R Jackson



REGISTERED OFFICE: Senghenydd Road
Cathays
Cardiff
CF24 4AY



REGISTERED NUMBER: 02074331 (England and Wales)



AUDITORS: MHA
Statutory Auditor
Swansea, United Kingdom



AUDITORS OFFICE: MHA House
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 4 497,009 535,143

CURRENT ASSETS
Debtors 5 80,229 94,093
Cash at bank and in hand 6 215,900 299,904
296,129 393,997
CREDITORS
Amounts falling due within one year 7 112,803 174,480
NET CURRENT ASSETS 183,326 219,517
TOTAL ASSETS LESS CURRENT
LIABILITIES

680,335

754,660

PROVISIONS FOR LIABILITIES 22,255 29,287
NET ASSETS 658,080 725,373

RESERVES
Fair value reserve 293,521 323,896
Income and expenditure account 364,559 401,477
658,080 725,373

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 28 June 2023 and were signed on its behalf by:





K Poole - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
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 as modified by the revaluation of certain assets.

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 6 (2022 - 6 ) .

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 532,500 175,389 707,889
Revaluations (37,500 ) - (37,500 )
At 31 March 2023 495,000 175,389 670,389
DEPRECIATION
At 1 April 2022 - 172,746 172,746
Charge for year - 634 634
At 31 March 2023 - 173,380 173,380
NET BOOK VALUE
At 31 March 2023 495,000 2,009 497,009
At 31 March 2022 532,500 2,643 535,143

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 8,664 21,993
Amounts owed by group undertakings 35,122 49,828
Amounts owed by related parties 23,388 8,234
Other debtors 8,145 8,145
Prepayments and accrued income 4,910 5,893
80,229 94,093

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 397 396
Cash at bank - unrestricted 2 2
Cash in hand 22 22
215,900 299,904

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,788 11,525
Amounts owed to group undertakings 19,948 19,946
Corporation tax - 3,913
VAT 8,650 18,136
Other creditors 25,958 30,597
Accruals and deferred income 51,459 90,363
112,803 174,480

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

The Report of the Auditors was unqualified.

Brian Garland BA ACA (Senior Statutory Auditor)
for and on behalf of MHA

9. RETIREMENT BENEFITS

`The amounts recognised in the statement of financial position are as follows:
20232022
££

Fair value of assets1,358,0001,359,000
Present value of scheme liabilities (946,000)(1,219,000)
412,000140,000
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.