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2022-10-01
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Company registration number:
02728593
Action for Business (Bradford) Ltd
Company limited by guarantee
Unaudited financial statements
30 September 2023
Action for Business (Bradford) Ltd
Company limited by guarantee
Contents
Directors and other information
Strategic report
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Action for Business (Bradford) Ltd
Company limited by guarantee
Directors and other information
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Directors |
Mr Hamayun Arshad - Chairman |
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Dr Mohammed Salam |
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Dr Zulficar Ali |
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Dr Ruby Khalid Bhatti OBE DL |
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Mr Peter Edwards |
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Mr Francis Patrick Dignan |
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Mr Javed Ahmed |
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Mr Shazad Hussain |
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Company number |
02728593 |
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Registered office |
Carlisle Business Centre |
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60 Carlisle Road |
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Bradford |
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West Yorkshire |
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BD8 8BD |
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Accountants |
Axiom Accountants Ltd |
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Association of Chartered Certified Accountants |
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42-44 Adelaide Street |
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Bradford |
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BD5 0EA |
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Action for Business (Bradford) Ltd
Company limited by guarantee
Strategic report
Year ended 30 September 2023
Principal activities
ABL is a community led organisation, a social enterprise and a development trust established in 1992 to support economic development and social cohesion in the severely disadvantaged area of
Manningham in inner city Bradford.
Our purpose is to contribute actively to the regeneration of local communities to create places where people want to live, work and play - quite simply, making Manningham a better place to live and work. The organisation owns and manages Carlisle Business Centre and is recognised as the community anchor for Manningham.
In 1996 in partnership with Bradford Metropolitan District Council (BMDC) we rebuilt the then derelict Carlisle Mills to create the modern Carlisle Business Centre - 36,000 sq ft of affordable managed workspace plus excellent facilities for meetings, activities and events such as business conferences and training seminars.
In 2003, with support from the Adventure Capital Fund, we were able to purchase the building from
BMDC thus becoming a significant asset-owning development trust. The Centre is home to over 50 small businesses, community groups, charities, social enterprises and statutory organisations. Profits are ploughed back into activities to support our local community.
We recognise that for regeneration to succeed there needs to be change in the social and cultural context as well as the physical and economic environment - so our approach is holistic. Where possible we work in partnership with other third sector organisations, community groups and statutory agencies to achieve the best outcomes for local residents.
Over the years ABL has managed a number of significant regeneration projects including employment and skills training, enterprise support, a healthy living initiative, Surestart Manningham, financial literacy programmes, social and cultural events. Funders for these projects included the Big Lottery, Local Enterprise Growth Initiative, Working Neighbourhoods Fund, the European Regional Development Fund and the European Social Fund as well as ABL's own profits.
Our community connections are strong: through our staff, our volunteers, our activities and
communications, and because ABL's strategy and policy is set by a board of volunteer directors all of whom live, work or have strong community links in the area. We regularly review our priorities to ensure we are responding to local needs and circumstances.
Business Review
The figures for 2022/23 reflect the difficult trading environment posed by the cost of living crises and the continuing subsequent impact on rentals and room hire income.
Rental income is starting to improve and this is testament to the ingenuity and loyalty shown by CBC's tenants in challenging times.
ABL directors are also grateful for the continued confidence our creditors have shown during this
difficult period.
Supporting the Manningham economy
ABL supports local businesses by providing a range of business support including virtual office and fully furnished business office suites. ABL is key economic anchor in the Manningham District.
ABL offers mail boxes and for start-up business and a small offices for start-ups.
Representation and collaboration
Through its board members and staff, ABL is represented on a number of bodies at both local and district level including the governing bodies of local schools, community fora, infra-structure support organisations and representative bodies.
Two of the directors are trustees of The Priestley Academy Trust which comprises of 6 Manningham primary schools. The aim is to raise attainment, aspirations and opportunities of Manningham children and their families.
ABL assisted in the establishment of Action For Community Ltd, a related charity based at Carlisle Business Centre. The charity delivers valuable services to the Bradford community including delivery of Doula services for mums to be which is delivered by volunteers. Two directors of the board to ABL also serve as Trustees to the charity.
The Doulas service is going from strength to strength. It is very gratifying to see the project being emulated nationally.
Joint Venture
The AYL accounts for the year to 31st March 2023 has investment properties at a fair value of
£1,180,209 on the Statement of Financial Position. ABL is one of the four partners who are entitled to a equal share of AYL assets. When a distribution is declared ABL's 25% share equates to £295,052.
Management and governance
The Finance Sub Committee has continued to support and maintain the financial sustainability of ABL.
The future
With the effects of cost of living crisis, the future continues to be challenging, however business suite occupancy remains solid, and events income is improving. The board continues to assess and prioritise the core business of ABL - namely the provision of managed business suites, support to small businesses and a meeting place for both corporate and community activities and events. Energy prices have started to stabalise but still pose a challenge for the Board to address.
This report was approved by the board of directors on 19 September 2024 and signed on behalf of the board by:
Mr Hamayun Arshad
Chairman
Action for Business (Bradford) Ltd
Company limited by guarantee
Directors report
Year ended 30 September 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2023.
Directors
The directors who served the company during the year were as follows:
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Mr Hamayun Arshad |
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Dr Mohammed Salam |
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Dr Zulficar Ali |
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Dr Ruby Khalid Bhatti OBE DL |
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Mr Peter Edwards |
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Mr Francis Patrick Dignan |
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Mr Javed Ahmed |
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Mr Shazad Hussain |
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Dividends
The directors do not recommend the payment of a dividend.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 20 to the financial statements.
This report was approved by the board of directors on
19 September 2024
and signed on behalf of the board by:
Mr Hamayun Arshad
Chairman
Action for Business (Bradford) Ltd
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Action for Business (Bradford) Ltd
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Action for Business (Bradford) Ltd for the year ended 30 September 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Action for Business (Bradford) Ltd, as a body, in accordance with the terms of our engagement letter dated 19 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Action for Business (Bradford) Ltd and state those matters that we have agreed to state to the board of directors of Action for Business (Bradford) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Action for Business (Bradford) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Action for Business (Bradford) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Action for Business (Bradford) Ltd. You consider that Action for Business (Bradford) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Action for Business (Bradford) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Axiom Accountants Ltd
Association of Chartered Certified Accountants
42-44 Adelaide Street
Bradford
BD5 0EA
19 September 2024
Action for Business (Bradford) Ltd
Company limited by guarantee
Statement of comprehensive income
Year ended 30 September 2023
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2023 |
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2022 |
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Note |
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£ |
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£ |
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Turnover |
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5 |
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480,534 |
|
456,968 |
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Other external charges |
|
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|
(
17,433) |
|
(
13,516) |
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Staff costs |
|
7 |
|
(
152,660) |
|
(
163,951) |
|
|
Depreciation and other amounts written off tangible and intangible fixed assets |
|
|
|
(
49,648) |
|
(
50,735) |
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Other operating expenses |
|
|
|
(
226,473) |
|
(
235,595) |
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|
|
|
|
|
_______ |
|
_______ |
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Operating profit/(loss) |
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6 |
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34,320 |
|
(
6,829) |
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|
|
|
|
|
|
|
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Interest payable and similar expenses |
|
8 |
|
(
23,935) |
|
(
24,482) |
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|
|
|
|
|
_______ |
|
_______ |
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|
Profit/(loss) before taxation |
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10,385 |
|
(
31,311) |
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Tax on profit/(loss) |
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- |
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- |
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_______ |
|
_______ |
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Profit/(loss) for the financial year and total comprehensive income |
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10,385 |
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(
31,311) |
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|
|
|
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_______ |
|
_______ |
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All the activities of the company are from continuing operations.
Action for Business (Bradford) Ltd
Company limited by guarantee
Statement of financial position
30 September 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
|
9 |
1,515,138 |
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1,560,722 |
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_______ |
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_______ |
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1,515,138 |
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1,560,722 |
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Current assets |
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Debtors |
|
10 |
111,346 |
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97,876 |
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Cash at bank and in hand |
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2,768 |
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143 |
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_______ |
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_______ |
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114,114 |
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98,019 |
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Creditors: amounts falling due |
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within one year |
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12 |
(
351,679) |
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(
358,405) |
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_______ |
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_______ |
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Net current liabilities |
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(
237,565) |
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(
260,386) |
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_______ |
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_______ |
Total assets less current liabilities |
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1,277,573 |
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1,300,336 |
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Creditors: amounts falling due |
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after more than one year |
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13 |
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(
588,811) |
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(
621,959) |
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_______ |
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_______ |
Net assets |
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688,762 |
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678,377 |
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_______ |
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_______ |
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Capital and reserves |
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Revaluation reserve |
|
17 |
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517,625 |
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|
517,625 |
Profit and loss account |
|
17 |
|
|
171,137 |
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160,752 |
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|
|
|
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_______ |
|
|
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_______ |
Members funds |
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688,762 |
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678,377 |
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|
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_______ |
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_______ |
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For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Mr Hamayun Arshad
Director
Action for Business (Bradford) Ltd
Company limited by guarantee
Statement of changes in equity
Year ended 30 September 2023
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|
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Revaluation reserve |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 October 2021 |
|
|
517,625 |
|
192,063 |
709,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
(
31,311) |
(
31,311) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
Total comprehensive income for the year |
|
|
- |
|
(
31,311) |
(
31,311) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
At 30 September 2022 and 1 October 2022 |
|
|
517,625 |
|
160,752 |
678,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
10,385 |
10,385 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
Total comprehensive income for the year |
|
|
- |
|
10,385 |
10,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
At 30 September 2023 |
|
|
517,625 |
|
171,137 |
688,762 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Action for Business (Bradford) Ltd
Company limited by guarantee
Statement of cash flows
Year ended 30 September 2023
|
|
|
2023 |
|
2022 |
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit/(loss) for the financial year |
|
|
10,385 |
|
(
31,311) |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
|
49,648 |
|
50,735 |
Interest payable and similar expenses |
|
|
23,935 |
|
24,482 |
Accrued expenses/(income) |
|
|
3,416 |
|
(
7,359) |
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Trade and other debtors |
|
|
(
13,470) |
|
34,415 |
Trade and other creditors |
|
|
(
16,668) |
|
(
19,663) |
|
|
|
_______ |
|
_______ |
Cash generated from operations |
|
|
57,246 |
|
51,299 |
|
|
|
|
|
|
Interest paid |
|
|
(
23,935) |
|
(
24,482) |
|
|
|
_______ |
|
_______ |
Net cash from operating activities |
|
|
33,311 |
|
26,817 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
|
(
4,064) |
|
(
14,117) |
|
|
|
_______ |
|
_______ |
Net cash used in investing activities |
|
|
(
4,064) |
|
(
14,117) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
|
(
18,190) |
|
(
11,148) |
|
|
|
_______ |
|
_______ |
Net cash used in financing activities |
|
|
(
18,190) |
|
(
11,148) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
11,057 |
|
1,552 |
Cash and cash equivalents at beginning of year |
11 |
|
(37,745) |
|
(39,297) |
|
|
|
_______ |
|
_______ |
Cash and cash equivalents at end of year |
11 |
|
(
26,688) |
|
(
37,745) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
Action for Business (Bradford) Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 30 September 2023
1.
General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Carlisle Business Centre, 60 Carlisle Road, Bradford, West Yorkshire, BD8 8BD.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements are prepared on the going concern basis. The directors have areasonable expectation that the company will continue in operational existence for theforeseeable future.
Disclosure exemptions
In view of the nature of the company's activities, the headings in the Companies Act 2006 Part 15are prescribed to be inappropriate, and an income and expenditure account is presented in placeof the prescribed profit and loss account. The directors have taken advantage of paragraph 396 of Part 15 of the Companies Act 2006 which allows the preparation of accounts to be adapted to reflect the special nature of the company's activities.
Turnover
The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property 2%-5% |
- |
Straight Line |
|
|
Plant and machinery 20%-50% |
- |
Straight Line
|
|
|
Fixutres and fittings 20% |
- |
Straight Line
|
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable whenthere is reasonable assurance that the grant conditions will be met and the grants will bereceived.Government grants relating to turnover are recognised as income over the periods when therelated costs are incurred. Grants relating to an asset are recognised in income systematicallyover the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Accountable bodies
The company acts as an accountable body for a number of initiatives. It accounts for all grants received as income in respect of these initiatives and all monies passed to the initiatives as expenditure.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4.
Limited by guarantee
The company is incorporated as a company limited by guarantee and not having a share capital. The directors are members, each of whose liability is limited to £1 each.
5.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
6.
Operating profit/loss
Operating profit/loss is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
49,648 |
50,735 |
|
Impairment of trade debtors |
|
|
14,778 |
8,958 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The aggregate payroll costs incurred during the year were:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
143,796 |
152,941 |
|
Social security costs |
|
7,337 |
9,757 |
|
Other pension costs |
|
1,527 |
1,253 |
|
|
|
_______ |
_______ |
|
|
|
152,660 |
163,951 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Interest payable and similar expenses
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
14,969 |
15,194 |
|
Other loans made to the company: |
|
|
|
|
|
|
Other interest on other loans made to the company |
|
8,966 |
9,288 |
|
|
|
|
_______ |
_______ |
|
|
|
|
23,935 |
24,482 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
9.
Tangible assets
|
|
Freehold and leasehold properties |
Plant and machinery |
Fixtures, fittings and equipment |
Audio and computer equipment |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2022 |
1,896,770 |
10,198 |
84,109 |
202,498 |
2,193,575 |
|
|
|
Additions |
679 |
512 |
2,735 |
138 |
4,064 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2023 |
1,897,449 |
10,710 |
86,844 |
202,636 |
2,197,639 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2022 |
343,743 |
8,088 |
81,506 |
199,516 |
632,853 |
|
|
|
Charge for the year |
46,730 |
386 |
2,532 |
- |
49,648 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2023 |
390,473 |
8,474 |
84,038 |
199,516 |
682,501 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2023 |
1,506,976 |
2,236 |
2,806 |
3,120 |
1,515,138 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2022 |
1,553,027 |
2,110 |
2,603 |
2,982 |
1,560,722 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Long leasehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
1,806,463 |
1,806,463 |
|
|
|
|
|
|
Aggregate depreciation |
(1,323,963) |
(1,323,963) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
482,500 |
482,500 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
1,806,463 |
1,806,463 |
|
|
|
|
|
|
Aggregate depreciation |
(1,212,995) |
(1,212,995) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
593,468 |
593,468 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The long leasehold land and buildings class of fixed assets was revalued on 26th Novmeber 2014. The basis of this valuation was a sale by private treaty with a marketing period of twelve months, by a firm of independent Chartered Surveyors.
10.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
47,374 |
29,950 |
|
Prepayments and accrued income |
|
3,972 |
7,926 |
|
Other debtors |
|
60,000 |
60,000 |
|
|
|
_______ |
_______ |
|
|
|
111,346 |
97,876 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Cash and cash equivalents
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
2,768 |
143 |
|
Bank overdrafts |
|
(
29,456) |
(39,594) |
|
|
|
_______ |
_______ |
|
|
|
(
26,688) |
(39,298) |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
47,838 |
56,270 |
|
Trade creditors |
|
108,922 |
114,919 |
|
Accruals and deferred income |
|
21,179 |
17,763 |
|
Social security and other taxes |
|
77,386 |
88,816 |
|
Director loan accounts |
|
10,500 |
10,500 |
|
Other creditors |
|
85,854 |
70,137 |
|
|
|
_______ |
_______ |
|
|
|
351,679 |
358,405 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans |
|
549,572 |
567,762 |
|
Other creditors |
|
39,239 |
54,197 |
|
|
|
_______ |
_______ |
|
|
|
588,811 |
621,959 |
|
|
|
_______ |
_______ |
|
|
|
|
|
14.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
1,527
(2022: £
1,253
).
15.
Government grants
Government grants are recognised at the fair value of the asset received or receivable whenthere is reasonable assurance that the grant conditions will be met and the grants will bereceived.Government grants relating to turnover are recognised as income over the periods when therelated costs are incurred. Grants relating to an asset are recognised in income systematicallyover the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
16.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' andSection 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the companybecomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financialstatements, when there is a legally enforceable right to set off the recognised amounts and thereis an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
17.
Reserves
Uncommitted reservesThe board has agreed to use the capital and reserves to meet future commitments. Thecommitments are to replace capital equipment which has come to the end of its working life, build a fund to cover operating costs for 3 months and a redundancy payments contingency fund.
18.
Analysis of changes in net debt
|
|
At 1 October 2022 |
Cash flows |
At 30 September 2023 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
143 |
2,625 |
2,768 |
|
|
|
|
Bank overdrafts |
(37,888) |
8,432 |
(29,456) |
|
|
|
|
Debt due within one year |
(28,882) |
- |
(28,882) |
|
|
|
|
Debt due after one year |
(577,084) |
18,190 |
(558,894) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
643,711) |
29,247 |
(
614,464) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
19.
Charge on assets
Triodos Bank N.V., Barclays Bank PLC and City of Bradford Metropolitan District Council have alegal charge on the land and buildings owned by company.Additionally under the terms of the LEGI grant, the funders have a legal charge to the value of the grant on the building owned by the company.
20.
Events after the end of the reporting period
The company continues to receive its share from Arise Yorkshire Limited from the sale of properties. The income will be recognised during financial year it is received in.
21.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Mr Hamayun Arshad |
7,000 |
7,000 |
|
Dr Zulficar Ali |
2,500 |
2,500 |
|
Mr Javed Ahmed |
1,000 |
1,000 |
|
|
_______ |
_______ |
|
|
10,500 |
10,500 |
|
|
_______ |
_______ |
|
|
|
|
22.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Action for Community Limited |
49,137 |
36,268 |
- |
- |
|
Arise Yorkshire limited |
44,118
|
16,202
|
- |
2,184 |
|
Digita Media Experts Limited
|
1,961
|
2,285
|
410 |
- |
|
Aliza Fine Foods Limited
|
- |
- |
- |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Action for Community Limited is a related party by virtue of the directorships of Hamayun Arshad and Ruby Khalid Bhatti, in that company.Arise Yorkshire Limited is related party, the company received a contribution towards time spent on matters of the company by management of Action for Business (Bradford) Limited. Arise Yorkshire is a related party by virtue of the directorship of Ruby Khalid Bhatti in the company.Digita Media Experts is a related party by virtue of the directorship of Shazad Hussain in the company.Aliza Fine Foods Limited is a related party by virtue of its directors being related to Hamayun Arshad who is a director of
Action for Business (Bradford) Ltd
.
A lease agreement was signed prior to the year end.
23.
Members liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
24.
Taxation
The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit.