REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ROCHDALE DEVELOPMENT AGENCY |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ROCHDALE DEVELOPMENT AGENCY |
ROCHDALE DEVELOPMENT AGENCY (REGISTERED NUMBER: 02819935) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ROCHDALE DEVELOPMENT AGENCY |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Park House |
200 Drake Street |
Rochdale |
Lancashire |
OL16 1PJ |
ROCHDALE DEVELOPMENT AGENCY (REGISTERED NUMBER: 02819935) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
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 |
ROCHDALE DEVELOPMENT AGENCY (REGISTERED NUMBER: 02819935) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Rochdale Development Agency is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the process of applying the entity's accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover represents amounts receivable for funding from RBC and other external bodies. |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful economic life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue for contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Tangible fixed assets |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Retirement benefits |
The company does not operate its own pension scheme, but the employees are eligible to join the local government scheme provided by GMPF. |
ROCHDALE DEVELOPMENT AGENCY (REGISTERED NUMBER: 02819935) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Number One Riverside, Smith Street, Rochdale, Greater Manchester, OL16 1XU |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
ROCHDALE DEVELOPMENT AGENCY (REGISTERED NUMBER: 02819935) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 86,876 | 122,288 |
Other creditors |
Deferred income |
Accrued expenses |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | PENSION COMMITMENTS |
The company offers its staff access to a defined contribution pension scheme provided by GMPF. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £256,500 ( 2023 - £219,239). |
Included in other creditors for pension contributions not paid over amounted to £31,263 (2023 - £nil). |
10. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following transactions with Rochdale Borough Council ("RBC"), a connected undertaking: |
Received grant and related monies from RBC totalling £615,295 (2023 - £601,011). |
Incurred property rent (under a licence) and service charge costs, either directly with or on behalf of RBC, £26,040 (2023 - £26,040). |
During the year the company recharged payroll expenses amounting to £1,351,280 (2023 - £1,174,104) to RBC. |
At 31 March 2024, RBC owed the company £79,473 (2023 - £36,398) and the company owed £3,008 (2023 - £45,630) to RBC. These amounts are included in trade debtors and trade creditors respectively. |
At 31 March 2024, the company owed Pennine Land Limited (it's subsidiary undertaking) £22,479 (2023 : £23,499). |
11. | ULTIMATE CONTROLLING PARTY |
At 31 March 2024, the company's ultimate controlling party was Rochdale Borough Council, the only member of the company. |
The company is limited by guarantee and therefore has no share capital. As a condition of membership, each member of the company undertakes to contribute such amount as may be required (up to a maximum of £1) to the company's assets if it should be wound up while he/she is a member or within one year after he/she ceases to be a member. |