York BID Company Limited 09937609 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of services to levy payers in the York City BID area for the improvement of the area. Digita Accounts Production Advanced 6.30.9574.0 true true 09937609 2023-04-01 2024-03-31 09937609 2024-03-31 09937609 core:RetainedEarningsAccumulatedLosses 2024-03-31 09937609 core:CurrentFinancialInstruments 2024-03-31 09937609 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09937609 core:FurnitureFittings 2024-03-31 09937609 core:MotorVehicles 2024-03-31 09937609 core:OfficeEquipment 2024-03-31 09937609 core:PlantMachinery 2024-03-31 09937609 bus:SmallEntities 2023-04-01 2024-03-31 09937609 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09937609 bus:FilletedAccounts 2023-04-01 2024-03-31 09937609 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09937609 bus:RegisteredOffice 2023-04-01 2024-03-31 09937609 bus:Director16 2023-04-01 2024-03-31 09937609 bus:Director18 2023-04-01 2024-03-31 09937609 bus:Director7 2023-04-01 2024-03-31 09937609 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 09937609 core:FurnitureFittings 2023-04-01 2024-03-31 09937609 core:MotorVehicles 2023-04-01 2024-03-31 09937609 core:OfficeEquipment 2023-04-01 2024-03-31 09937609 core:PlantMachinery 2023-04-01 2024-03-31 09937609 core:OtherRelatedParties 2023-04-01 2024-03-31 09937609 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-04-01 2024-03-31 09937609 countries:EnglandWales 2023-04-01 2024-03-31 09937609 2023-03-31 09937609 core:FurnitureFittings 2023-03-31 09937609 core:MotorVehicles 2023-03-31 09937609 core:OfficeEquipment 2023-03-31 09937609 core:PlantMachinery 2023-03-31 09937609 2022-04-01 2023-03-31 09937609 2023-03-31 09937609 core:RetainedEarningsAccumulatedLosses 2023-03-31 09937609 core:CurrentFinancialInstruments 2023-03-31 09937609 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09937609 core:FurnitureFittings 2023-03-31 09937609 core:MotorVehicles 2023-03-31 09937609 core:OfficeEquipment 2023-03-31 09937609 core:PlantMachinery 2023-03-31 09937609 core:OtherRelatedParties core:SaleOrPurchaseGoods 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09937609

York BID Company Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

York BID Company Limited

(Registration number: 09937609)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

40,490

53,462

Current assets

 

Debtors

6

364,635

86,039

Cash at bank and in hand

 

151,533

146,652

 

516,168

232,691

Creditors: Amounts falling due within one year

7

(390,216)

(73,162)

Net current assets

 

125,952

159,529

Net assets

 

166,442

212,991

Reserves

 

Retained earnings

166,442

212,991

Total reserves

 

166,442

212,991

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

York BID Company Limited

(Registration number: 09937609)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 1 July 2024 and signed on its behalf by:
 

.........................................
Michael Finn Hjort
Director

.........................................
Robert Paul Onyett
Director

.........................................
Neil Philip Sanderson
Director

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Red House
1, Duncombe Place
YORK
YO1 7ED

These financial statements were authorised for issue by the Board on 1 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of levy charges raised on businesses within the BID area and other funding received towards specific projects. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grant income is recognised when the conditions for receipt have been met and there is reasonable assurance that the grant will be received. It is then recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate, except where the grant is compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future costs in which case it is recognised as income in the period in which it becomes receivable.

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. H M Revenue and Customs have confirmed the levy income received is not chargeable to corporation tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

5 years straight line

Plant and equipment

Between 1 and 5 years straight line

Fixtures and fittings

5 years straight line

Motor vehicles

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,712

14,608

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,183

90,868

9,654

6,500

109,205

Additions

-

740

-

-

740

At 31 March 2024

2,183

91,608

9,654

6,500

109,945

Depreciation

At 1 April 2023

2,183

44,447

7,813

1,300

55,743

Charge for the year

-

11,753

659

1,300

13,712

At 31 March 2024

2,183

56,200

8,472

2,600

69,455

Carrying amount

At 31 March 2024

-

35,408

1,182

3,900

40,490

At 31 March 2023

-

46,421

1,841

5,200

53,462

6

Debtors

Current

2024
£

2023
£

Trade debtors

314,781

15,029

Prepayments

8,479

2,187

Other debtors

41,375

68,823

 

364,635

86,039

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

110,240

64,818

Taxation and social security

24,036

807

Accruals and deferred income

4,957

7,247

Other creditors

250,983

290

390,216

73,162

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £552,348 (2023 - £495,711). The company has committed to the following projects in the 2024/25 financial year:

Street Rangers Contract - £120,608
Winter Lights Contract - £131,588
Street Cleaning Contract - £106,000
Purple Flag - £27,940
Snickleway Rejuvenation Project - £41,677
Levy Collection Services - £24,329
Ghosts In The Gardens - £15,000
Street Art Murals - £3,000
York Gift Card Contract - £7,800
Choose Respect Not Regrets Campaign - £6,000
York Restaurant Week -£1,895
Small Grant awarded to Indie York - £12,960
Vicinity Dashboard Licence - £4,560
Deans Computer Services - £2,592
Beauclair Ltd Spend Data Licence - £13,200
Place Informatics Ltd Visitor Data Licence - £10,800
BT Electric Box Street Art - £4,395
Riverside Marshal - £2,728
Taxi Marshals Contract - £9,078
Principal York Hotel, Venue Hire - £1,248
BID Foundation Membership - £1,400
Virgin Media Broadband - £720
ATCM Membership - £910
York Chamber of Commerce Membership - £350
ARO Communications - £1,325
Federation of Small Businesses Membership - £245

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Summary of transactions with other related parties

The following organisations are related to the company due to the involvement of directors in York BID Company Limited:

City of York Council
Make It York


 Income is received in the period from City of York Council in the form of levy charges and other funding.
Contributions towards the Winter Lights were received from Make It York.

These related party organisations have been paid for services including:

City of York Council - levy collection.

 
At the balance sheet date the amount owed from City of York Council was £311,052 (2023 - £7,464).
The amount owed from Make It York was £Nil (2023 - £Nil).

The net debt due from related parties is £311,052 (2023 - £7,464).
 

 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Income and receivables from related parties

2024

Other related parties
£

Levy income and other funding

866,911

2023

Other related parties
£

Levy income and other funding

884,404

Expenditure with and payables to related parties

2024

Other related parties
£

Services provided

36,429

2023

Other related parties
£

Services provided

31,329