REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NORTH WALES TECHNOLOGY PARK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NORTH WALES TECHNOLOGY PARK LIMITED |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
NORTH WALES TECHNOLOGY PARK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartered Accountant |
10 Mostyn Street |
Llandudno |
Conwy |
LL30 2PS |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
North Wales Technology Park Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the proceeds from sales, by way of 125 year, 250 year and 999 year leases, of fully serviced plots and newly constructed buildings on the technology park, together with sundry sales and rental income from the short term letting of completed buildings, net of value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The investment property was acquired during a previous period and the directors are of the opinion that the fair value as at the balance sheet date is represented by the original cost of the property. |
Stocks |
Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include land, construction costs and associated planning and other professional fees. Net realisable value represents the estimated selling price plus attributable grant less all estimated costs of completion and costs to be incurred in marketing and selling. |
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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Government grants |
Expenditure-based government grants follow the treatment accorded to the expenditure to which they relate. They are treated as receivable at the point in time when the underlying economic transaction has occurred. Grants of a revenue nature are credited to income in the period to which they relate. |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Undeveloped land and infrastructure costs | 452,880 | 452,880 |
Completed land and buildings |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
NORTH WALES TECHNOLOGY PARK LIMITED (REGISTERED NUMBER: 04121722) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 246,250 | 346,713 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
10. | RELATED PARTY DISCLOSURES |
The company is jointly controlled by D Dundonald and the Wilcock family interests, who each control one half of the issued share capital of the company. |
The freehold of the business park which North Wales Technology Park Limited is currently developing is owned by close members of J T Wilcock's family and Collas Crill Trust as trustees of The Abergele Settlement. |
At the balance sheet date the company owed the Wilcock family interests a total of £529,898 (2023: £536,898). |
Insightion Limited and its subsidiary Worldspan Limited are controlled by J T Wilcock, director of the company. |