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REGISTERED NUMBER: 02819935 (England and Wales)















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: Ms J C Heap
S C Kuncewicz
P A Ormerod
S M Rumbelow
P E Simkiss
A J Holden
Councillor N P Emmott
Councillor J Taylor





SECRETARY: S C Kuncewicz





REGISTERED OFFICE: Number One Riverside
Smith Street
Rochdale
Lancashire
OL16 1XU





REGISTERED NUMBER: 02819935 (England and Wales)





AUDITORS: Wyatt Morris Golland Ltd
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 98 98
98 98

CURRENT ASSETS
Debtors 6 136,719 91,891
Cash at bank 416,385 500,498
553,104 592,389
CREDITORS
Amounts falling due within one year 7 228,773 269,130
NET CURRENT ASSETS 324,331 323,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

324,429

323,357

RESERVES
Income and expenditure account 324,429 323,357
324,429 323,357

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 23 October 2024 and were signed on its behalf by:





P A Ormerod - Director


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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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 33 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 2,195
DEPRECIATION
At 1 April 2023
and 31 March 2024 2,195
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 98
NET BOOK VALUE
At 31 March 2024 98
At 31 March 2023 98

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Pennine Land Limited
Registered office: Number One Riverside, Smith Street, Rochdale, Greater Manchester, OL16 1XU
Nature of business: a dormant company
%
Class of shares: holding
Ordinary £1 98.00
2024 2023
£    £   
Aggregate capital and reserves (110,121 ) (109,887 )
Loss for the year (234 ) (997 )

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 79,581 71,535
Other debtors 5,229 8,029
Prepayments 51,909 12,327
136,719 91,891

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17,116 58,427
Amounts owed to group undertakings 22,587 23,499
Social security and other taxes 40,772 -
VAT 86,876 122,288
Other creditors 31,263 59,916
Deferred income 24,984 -
Accrued expenses 5,175 5,000
228,773 269,130

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

The Report of the Auditors was unqualified.

Tanya Brown (Senior Statutory Auditor)
for and on behalf of Wyatt Morris Golland Ltd

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.