Company Registration No. 12415065 (England and Wales)
BRACKNELL INVESTMENT GROUP LIMITED
(A company limited by guarantee and not having a share capital)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
CONTENTS
Page
Directors' report
1 - 6
Balance sheet
7
Notes to the financial statements
8 - 12
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024. These are the fourth accounts for this company and covers the year 1 April 2023 and running to 31 March 2024.

Principal activities

The principal activity of the company in the period under review was that of running of the Bracknell Business Improvement District (BID).

 

The company was incorporated on 20 January 2020. In October 2019, Businesses in the Southern and Western areas of Bracknell voted in favour of plans to set up a BID to run initially from1 April 2020 to 31 March 2025.

 

The results for the period and financial position of the company are as shown in the annexed audited financial statements.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements and serve on a voluntary basis were as follows:

Mrs M V Sabey
Mr D J English
Mr D J Baker
Mr A P Smith
Mrs N McCarthy
Mr R E Collis
Mr P C Smith
Mr M Brunel-Walker
(Resigned 12 May 2023)
Mr J R Cornish
(Resigned 10 November 2023)
Mrs S Meyers
(Resigned 6 November 2023)
Ms L Welland
(Appointed 27 February 2024)
Mr P S Bidwell
(Appointed 23 August 2023)
Mr N C Phillips
(Appointed 21 May 2024)
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Business Review

The principal activities of the company during the financial year (1 April 2023 to 31 March 2024) were that of delivery of projects against the BID Business plan objectives as outlined below.

 

The year ended 31 March 2024 was the fourth year of the BID's first term, which commenced 1 April 2020 and is due to end 31 March 2025, or be renewed subject to a successful renewal ballot.

 

The BID is entirely reliant on the local authority, Bracknell Forest Council, as the billing authority for Bracknell BID for the BIDs levy collection. Levy income billed by Bracknell Forest Council, during the period ending on 31 March 2024 was £630,993 (end of fourth year of first term of Bracknell BID). As a result of the Bracknell Forest Council levy collection software challenges and recovery delays, coupled with the remaining impact of the COVID recovery environment, have meant that the levy revenue for the period is still lower than what would normally be expected (Industry collection standard is 98%).

 

This has impacted on the collection rates in the first four years of Bracknell BID, with the collection rate at the end of March 24 being 86%, and we have only accrued for 87% in these financial statements. This is inline with the actual collection rates now achieved for prior years, which were 83% for 2020/21 (70% originally accrued in 2020/21), 88% for 2021/22 (74% originally accrued in 2021/22) and 87% for 2022/23 (80% originally accrued in 2022/23).

 

The collection rate as reported by Bracknell Forest Council on 31 March 2024 was 91%, although this figure was revised subsequently to 87% for the 23-24 year by 31 May 2024, following provision for credits and overpayments that have occurred per their systems.

 

Income and debtors’ figures are based on the current known figures and information supplied by Bracknell Forest Council, and as such the directors have used this information for these accounts in good faith, but have raised their concerns with Bracknell Forest Council with regards to their confidence in the data provided.

 

Income in the 2023/24 year also includes £32,708 (2022/23: £nil) received from Bracknell Forest Council via grants as matched funding regarding particular projects.

 

The total expenditure for the period was £343,555, against a budget of £1,077,368. This included a carry forward and reallocation of £495,039 from 2022/23. There will be a carry forward from the 2023/24 budget of £606,219 for projects that commenced in 2023/24 that will be delivered and paid for in 2024/25.

 

BID Strategy and Objectives

 

Bracknell BID – The Vision

The Bracknell BID area to be recognised as the place where businesses develop and grow through collaboration and investment.

 

Strategic Objectives and Projects

 

Objective 1: Infrastructure

  1. Working with Bracknell Forest Council and others, identify and influence the delivery where possible of short and longer-term solutions to ease congestion and improve traffic management onto, off and around the BID area.

  2. Increase the availability of cost-effective travel options for all, and work with others to develop innovative and attractive solutions for public and shared transport on, off and around the BID area.

  3. Work with others to manage and improve parking across the BID area to maintain and improve traffic flow and access to businesses and provide or facilitate alternative safe and secure parking.

  4. Improve navigation around the BID area for all road users, cyclists and pedestrians through information, signage and other innovative methods.

  5. Working with partners to maintain and improve where necessary, the general condition and appearance of roads, footpaths, cycle ways and verges throughout the BID area including the additional gritting of roads where needed.

  6. Improve lighting where possible on roads and footpaths generally and in particular at vulnerable junctions and places of more frequent pedestrian activity to ensure safety of all road and footpath users.

  7. Work with others to ensure broadband, digital communication and the IT infrastructure meets the needs of businesses across the BID area.

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Objective 2: Business growth and investment

  1. Develop a sense of identity for Bracknell’s Western and Southern business areas.

    1. Work with partners, landlords and occupiers towards creating a coherent identity which is visible and reflects the high standards and values of the businesses in the BID area.

       

  2. Facilities and benefits

    1. Encourage the development of more facilities and amenities in pleasant surroundings where people who work across the areas can eat, meet or relax.

    2. Develop schemes, benefits and events for those who work in businesses in the BID area which promote the feeling of community, a sense of well-being and encourages staff retention and productivity.

       

  3. Maintain a safe and secure working environment.

    1. Work with partners to create coverage, monitoring and maintenance of a CCTV and Automatic Number Plate Recognition (ANPR) infrastructure which provides a deterrent to crime, a strong evidence‑based record and an effective crime solving tool.

    2. Maintain and develop schemes which share and provide information and intelligence between partners and business security teams involved in the prevention of crime and the creation of a safe environment for all who work and use Bracknell BID area.

       

  4. Business trading

    1. Working with businesses in the BID area across all sectors to encourage inter‑trading and the development of working relationships to achieve tangible improvements in business performance and drive business development.

       

  5. Recruitment, training and development

    1. Encourage and support relationships between businesses and organisations which seek to improve training, develop skills and assist with staff recruitment.

Activities performed in 2023-2024 included:

 

Objective 1: Infrastructure

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Objective 2: Business Growth and Investment

More information about the activities of Bracknell BID in 2023/24 were outlined in the ‘Bracknell BID Annual Report’ which was sent out with levy invoices to businesses in March 2024. Copies are available online on www.bracknellbid.co.uk and by emailing the Bracknell BID at enquiries@bracknellbid.co.uk.

Future Developments

The company has done extensive project planning in line with the BID objectives set out in the Bracknell BID Business Plan for delivery in 2024/25. The BID has committed costs for these projects and will be supported by the current reserve and future levy collections. The BID will commence its renewal process in March 2025 with the aim of taking it to a ballot in October 2024. Subject to a successful renewal, the second 5 year term will commence in April 2025.

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

Governance and management

Bracknell Business Improvement District (BID) is one of over 350 BIDs throughout the UK. It was created by businesses in the area, and all the projects are determined and steered by local businesses, in line with the BID Business Plan.

 

Bracknell BID is a company limited by guarantee. It is operated under its Memorandum and Articles of Association dated 20 January 2020. It has no share capital and the liability of each member in the event of winding-up is limited to £1.

 

During the period the focus of the company's activity has been the development of Bracknell Business Improvement District. This is being delivered within the requirements of the Business Improvement Districts (England) Regulations 2004.

 

The 'BID Proposal' was adopted after a successful Ballot in October 2019 (for full document, see www.bracknellbid.co.uk). The company has an operating agreement in place with Bracknell Forest Council.

 

Bracknell Forest Council arranges the collection of the BID Levy from business rate payers in the western and southern business areas on behalf of the BID.

 

The overall management of the company is the responsibility of the directors who are elected and co-opted under the terms of the Articles of Association. With the exception of one director nominated by Bracknell Forest Council, directors retire by rotation at Annual General Meetings.

 

The directors work on a voluntary basis, do not charge for their time and have worked on levy payers' behalf to deliver the BID and achievements to date through the BID Project Team.

 

Membership of Bracknell BID is open to all paid up levy payers and is made up of business representatives from throughout the BID area. The board of the company consists of one nominee from Bracknell Forest Council together with other directors appointed by members of the company. It is responsible for the governance of the BID, ensuring that the objectives of the Bracknell BID business plan are met, and ensuring compliance with the legal and financial regulations governing BIDs.

 

The Board meets regularly throughout the year, and there is an Annual General Meeting which is usually held in the summer.

 

At the end of the period there were 347 BID Levy paying businesses and 13 BID Members.

Auditor

In accordance with the company's articles, a resolution proposing that Ward Williams Limited be reappointed as auditor of the company will be put at a General Meeting.

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mrs M V Sabey
Director
15 October 2024
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
103,902
44,578
Cash at bank and in hand
1,135,735
801,214
1,239,637
845,792
Creditors: amounts falling due within one year
5
(100,317)
(70,653)
Net current assets
1,139,320
775,139
Reserves
Surplus account
7
1,139,320
775,139
Income and expenditure account
1,139,320
775,139

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mrs M V Sabey
Director
Company Registration No. 12415065
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information

Bracknell Investment Group Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o pfbb UK 2nd Floor, 12 The Strand, Cathedral Quarter, Derby, Derbyshire, DE1 1BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The BID is entering its renewal in the 2024/25 year and subject to a successful renewal will continue to operate. As a result, attrue the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Income represents total levy payments due and recoverable from businesses, voluntary contributions and other income generated in the period.

 

Grants of revenue nature are credited to the income and expenditure account in the period in which they relate.

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 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 company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a trade for the purposes of making a profit. It has been given mutual trading status as necessary by HM Revenue & Customs.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the surplus or deficit.

BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recognition of Levy Income

The company has recognised Levy income based on a percentage of what has been charged by Bracknell Forest Council relating to the period. In the previous year's accrued income was recognised inline with an estimated collection rate of 70% for 2020-21, 74% for 2021-22 and 80% for 2022-23.

 

As at 31 March 2024 actual collection rates for 2020-21, 2021-22 and 2022-23 have been 82% , 88% and 87% respectively. This means that there has been an under provision of accrued income of £125,027 which has been released against income and expenditure this year (2022: £135,889 under provision, 2021: £73,842 over provision).

 

For 2023/24, accrued income has been recognised in these financial statements regarding the difference between expected recoverable Levy income and what has actually been received and paid over to the company as at the balance sheet date. The directors have made the estimate of expected recoverable levy income based on their best estimate and from information supplied by Bracknell Forest Council. The percentage used for 2023/24 is 87%, with 86% of this figure already having been collected by Bracknell Forest Council as at the year-end date. This figure is also after provision in these financial statements of accruals relating to potential overpayments/credits that per Bracknell Forest Council records are due back to certain levy payers (£40,984 is accrued within these financial statements for 2023/24).

3
Employees

The company had no (0) employees during this or the previous period.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts invoiced and receivable
80,876
-
0
Accrued income
4,316
24,129
Other debtors
18,710
20,449
103,902
44,578
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,833
64,653
Other creditors
47,484
6,000
100,317
70,653
6
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.

7
Reserves
2024
2023
£
£
At the beginning of the year
775,139
474,914
Surplus for the year
364,181
300,225
At the end of the period
1,139,320
775,139

Due to the COVID-19 global pandemic, there was an underspend of reserves during prior years. These surplus reserves have been carried over into the next year. They relate to projects currently in the planning stage but not yet delivered by 31 March 2024, but aim to be delivered by the end of the 2024/25 financial year.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matters - Recognition of Levy income and going concern

Firstly, we draw attention to Note 2 of the financial statements, which describes the critical judgements used in the recognition of Levy income. Our opinion is not modified in respect of this matter.

 

In addition, we also draw attention to Note 1.2 of the financial statements, which notes that the BID is entering its renewal in the 2024/25 year and is considered a going concern subject to a successful renewal. Again, our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Colin Hamilton
Statutory Auditor:
Ward Williams Limited
Date of audit report:
7 November 2024
BRACKNELL INVESTMENT GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
Related party transactions

There were no related party transactions during the period.

10
Controlling party

There is no controlling party. The company is governed by its Board of directors and run on a day to day basis by its managing agent Partnerships for Better Business Ltd (PFBB UK).

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