Cambourne Business Park Limited 03618543 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true true false true true true 03618543 2023-04-01 2024-03-31 03618543 2024-03-31 03618543 bus:OrdinaryShareClass1 2024-03-31 03618543 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 03618543 core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 03618543 core:RetainedEarningsAccumulatedLosses 2024-03-31 03618543 core:ShareCapital 2024-03-31 03618543 core:CurrentFinancialInstruments 2024-03-31 03618543 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03618543 core:DeferredTaxation 2024-03-31 03618543 bus:FRS102 2023-04-01 2024-03-31 03618543 bus:Audited 2023-04-01 2024-03-31 03618543 bus:FullAccounts 2023-04-01 2024-03-31 03618543 bus:RegisteredOffice 2023-04-01 2024-03-31 03618543 bus:Director2 2023-04-01 2024-03-31 03618543 bus:Director6 2023-04-01 2024-03-31 03618543 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03618543 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03618543 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03618543 core:ShareCapital 2023-04-01 2024-03-31 03618543 core:DeferredTaxation 2023-04-01 2024-03-31 03618543 core:Subsidiary1 2023-04-01 2024-03-31 03618543 core:Subsidiary1 1 2023-04-01 2024-03-31 03618543 core:Subsidiary1 countries:EnglandWales 2023-04-01 2024-03-31 03618543 core:UKTax 2023-04-01 2024-03-31 03618543 1 2023-04-01 2024-03-31 03618543 countries:EnglandWales 2023-04-01 2024-03-31 03618543 2023-03-31 03618543 core:RetainedEarningsAccumulatedLosses 2023-03-31 03618543 core:ShareCapital 2023-03-31 03618543 core:CostValuation 2023-03-31 03618543 2022-04-01 2023-03-31 03618543 2023-03-31 03618543 bus:OrdinaryShareClass1 2023-03-31 03618543 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 03618543 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 03618543 core:CurrentFinancialInstruments 2023-03-31 03618543 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03618543 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03618543 core:ShareCapital 2022-04-01 2023-03-31 03618543 core:Subsidiary1 1 2022-04-01 2023-03-31 03618543 core:UKTax 2022-04-01 2023-03-31 03618543 2022-03-31 03618543 core:RetainedEarningsAccumulatedLosses 2022-03-31 03618543 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03618543

Cambourne Business Park Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Cambourne Business Park Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 22

 

Cambourne Business Park Limited

Company Information

Directors

Anne Elizabeth Ainsworth

Peter John Maddock

Registered office

South Cambridgeshire Hall
Cambourne Business Park
Cambourne
Cambridge
CB23 6EA

Auditors

Williamson & Croft Audit Ltd
Statutory Auditor
York House
20 York Street
Manchester
M2 3BB

 

Cambourne Business Park Limited

Strategic Report for the Year Ended 31 March 2024

The Directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of property investment.

Fair review of the business

The company owns a property located at Cambourne Business Park in the village of Cambourne, South Cambridgeshire.

The profit for the year ended 31 March 2024, after taxation, amounted to £14,276 (2023: loss of £18,769).

Following the results in the year the company now reports net assets as at the balance sheet date of £348,738 (2023: £334,462).

The Directors are unable to recommend the payment of a dividend (2023: £Nil).

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Rental income

£

-

5,000

Loss for the year before revaluations / inter-company write-offs

£

(8,581)

(18,769)

Market value of investment property

£

392,800

356,000

Net assets / (liabilities)

£

348,738

334,462

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks, particularly around market and operational risks. During the prior year, the entire issued share capital of the company was acquired by South Cambridgeshire District Council and further discussion of the risks and uncertainties, in the context of the whole of the group headed by the Council, is provided in the Council's annual report which does not form part of this report.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Peter John Maddock
Director

 

Cambourne Business Park Limited

Directors' Report for the Year Ended 31 March 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The Directors who held office during the year were as follows:

Anne Elizabeth Ainsworth

Peter John Maddock

Information included in the Strategic Report

The company has chosen, in accordance with Companies Act 2006, s.141C (11), to set out in the company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2006, Sch.7 to be contained in the Directors' Report.

Going concern

The Directors believe that preparing the financial statements on the going concern basis is appropriate due to the fact that there are no plans to cease the continuing operations of the company in the foreseeable future and the company is expected to be able to meet its immediate financial obligations as they fall due for at least 12 months from the date of the approval of these financial statements.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Williamson & Croft Audit Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Peter John Maddock
Director

 

Cambourne Business Park Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities 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 profit or loss of the company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

 

Cambourne Business Park Limited

Independent Auditor's Report to the Members of Cambourne Business Park Limited

Opinion

We have audited the financial statements of Cambourne Business Park Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Cambourne Business Park Limited

Independent Auditor's Report to the Members of Cambourne Business Park Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have given consideration to the control environment (including management's own process for identifying and assessing risks) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration was also given to the attitudes and incentives of management to commit fraud. We determined that the greatest potential for fraud existed in the following areas: timing of recognition of income; and posting of unusual journals and complex transaction. In line with all audits performed under International Standards on Auditing (UK), we planned and performed specific procedures to respond to the risk of management override of controls.

 

Cambourne Business Park Limited

Independent Auditor's Report to the Members of Cambourne Business Park Limited

 

We also obtained an understanding of the applicable laws and regulations that the company has to abide by, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation. We paid particular focus to those laws and regulations that had the potential to materially impact the amounts and disclosures within the financial statements. The key laws and regulations we identified were the UK Companies Act, health and safety, tax legislation and landlord regulations.

 

After our initial risk assessment, we performed the following procedures to detect material misstatements in respect of irregularities arising due to fraud or error:

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

Reviewing financial statement disclosures and testing these against supporting documentation to assess compliance with applicable laws and regulations;

Assessing key accounting estimates within the financial statements in order to assess their reasonableness and determine whether there were any indications of management bias in the estimates;

Reviewing minutes of meetings of those charged with governance;

Making enquiries of management as to whether they are aware of any alleged, suspected or actual fraud during the year; and

Reviewing information provided by management experts against available market data.

 

We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including:

Making enquiries or management and those charged with governance if there were any actual and potential litigation and claims;

Reviewing legal and professional fees incurred in the year for indicators of any litigation or claims against the company;

Reviewing minutes of meetings of those charged with governance; and

Reviewing correspondence with relevant legal authorities.

 

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance with relevant laws and regulations or fraud.

 

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the Directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Cambourne Business Park Limited

Independent Auditor's Report to the Members of Cambourne Business Park Limited

......................................
Tor Stringfellow FCA (Senior Statutory Auditor)
For and on behalf of Williamson & Croft Audit Ltd, Statutory Auditor

York House
20 York Street
Manchester
M2 3BB

7 November 2024

 

Cambourne Business Park Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

-

5,000

Cost of sales

 

(1,707)

(17,493)

Gross loss

 

(1,707)

(12,493)

Administrative expenses

 

(6,874)

(6,276)

Gain on revaluation of investment property to fair value

 

36,800

-

Operating profit/(loss)

4

28,219

(18,769)

Profit/(loss) before tax

 

28,219

(18,769)

Tax on profit/(loss)

7

(13,943)

-

Profit/(loss) for the financial year

 

14,276

(18,769)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Cambourne Business Park Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit/(loss) for the year

14,276

(18,769)

Total comprehensive income for the year

14,276

(18,769)

 

Cambourne Business Park Limited

(Registration number: 03618543)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

8

392,800

356,000

Investments

9

2

2

 

392,802

356,002

Current assets

 

Debtors

10

8,750

8,750

Cash at bank and in hand

 

12,668

-

 

21,418

8,750

Creditors: Amounts falling due within one year

12

(51,539)

(30,290)

Net current liabilities

 

(30,121)

(21,540)

Total assets less current liabilities

 

362,681

334,462

Provisions for liabilities

13

(13,943)

-

Net assets

 

348,738

334,462

Capital and reserves

 

Called up share capital

1

1

Retained earnings

348,737

334,461

Shareholders' funds

 

348,738

334,462

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Peter John Maddock
Director

 

Cambourne Business Park Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

1

334,461

334,462

Profit for the year

-

14,276

14,276

At 31 March 2024

1

348,737

348,738


 

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1

353,230

353,231

Loss for the year

-

(18,769)

(18,769)

At 31 March 2023

1

334,461

334,462

 

Cambourne Business Park Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit/(loss) for the year

 

14,276

(18,769)

Adjustments to cash flows from non-cash items

 

Changes in fair value of investment property

8

(36,800)

-

Income tax expense

7

13,943

-

 

(8,581)

(18,769)

Working capital adjustments

 

Decrease in debtors

10

-

5,954

Increase in creditors

12

21,249

12,815

Net cash flow from operating activities

 

12,668

-

Net increase in cash and cash equivalents

 

12,668

-

Cash and cash equivalents at 1 April

 

-

-

Cash and cash equivalents at 31 March

 

12,668

-

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
South Cambridgeshire Hall
Cambourne Business Park
Cambourne
Cambridge
CB23 6EA

These financial statements were authorised for issue by the Board on 7 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Going concern

The Directors believe that preparing the financial statements on the going concern basis is appropriate due to the fact that there are no plans to cease the continuing operations of the company in the foreseeable future and the company is expected to be able to meet its immediate financial obligations as they fall due for at least 12 months from the date of the approval of these financial statements.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the company's accounting policies. Not all of these accounting policies require management to make difficult, subjective or complex judgements or estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results may differ from those estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements.

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Long leasehold property is valued by Directors. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

Trade debtors

The company is required to estimate when there is sufficient objective evidence to require the impairment of individual trade debtors. It does this on the basis of the age of the relevant receivables, external evidence of the credit status of the debtor entity and the nature of any disputed amounts.

Revenue recognition

Turnover for the year comprises rental income.

Rental income is recognised on an accrued straight-line basis over the term of the lease when the income has been earned. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at inception of the lease, the Directors are reasonably certain that the tenant will exercise that option. Lease incentives are usually in the form of rent-free periods or capital contributions.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Rental income from investment property

-

5,000

All of the company's turnover in the current and comparative accounting periods arose entirely within its primary geographical market of the United Kingdom.

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
 £

2023
 £

Gain on revaluation of investment property

(36,800)

-

5

Staff costs

The company had 0 (2023: 0) employees other than Directors throughout the current and comparative accounting periods.

No Directors or staff were remunerated by the company in the current period and no staff costs were recharged.

6

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

4,750

4,500

Other fees to auditors

Taxation compliance services

500

500

All other non-audit services

1,250

1,250

1,750

1,750


 

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

-

-

Total current income tax

-

-

Deferred taxation

Arising from origination and reversal of timing differences

13,943

-

Tax expense in the income statement

13,943

-

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
 £

2023
 £

Profit/(loss) before tax

28,219

(18,769)

Corporation tax at standard rate

7,055

(3,566)

Effect of expense not deductible in determining taxable profit (tax loss)

(1,200)

988

Deferred tax expense (credit) from unrecognised temporary difference from a prior period

8,088

-

Tax increase (decrease) from effect of unrelieved tax losses carried forward

-

2,578

Total tax charge

13,943

-

Legislation was introduced in the Finance Bill 2021 to increase the main rate of Corporation Tax to 25% effective from 1 April 2023.

Legislation also introduced a small profits rate and will set this at 19%. The small profits rate will apply to profits below the lower limit of £50,000 and profits exceeding the upper limit of £250,000 will be charged at the main rate. A marginal rate will apply for profits between the lower and upper limit thresholds.

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Revaluation of investment property

-

35,700

Trading losses carried forward

-

(21,757)

-

13,943

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2023

Asset
£

Liability
£

Revaluation of investment property

-

18,411

Trading losses carried forward

-

(18,411)

-

-

At the balance sheet date the company had unrelieved tax losses carried forward totalling £87,027 (2023: £73,646). The potential deferred tax asset of £21,757 (2023: £18,411) in respect of these losses has been offset against the potential deferred tax liability recognised on the disposal of the property at market value.

8

Investment properties

2024
£

At 1 April

356,000

Fair value adjustments

36,800

At 31 March

392,800

The investment property represents land held at Cambourne Business Park in the village of Cambourne in South Cambridgeshire for long term appreciation.

The residual infrastructure land retained by the company following the disposal on 25 May 2021 was valued by Carter Jonas LLP, being a firm of Chartered Surveyor, on 28 June 2022 and the market value of the property was determined to be £356,000.

The residual infrastructure land has been valued as at 31 March 2024 by Wilks Head & Eve LLP, a firm of Chartered Surveyors, and the market value of the property was determined to be £392,800.

9

Investments

2024
 £

2023
 £

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 April 2023

2

Provision

Carrying amount

At 31 March 2024

2

At 31 March 2023

2

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Cambourne Business Park Management Limited

South Cambridgeshire Hall
Cambourne Business Park
Cambourne
Cambridge
CB23 6EA

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Cambourne Business Park Management Limited

The principal activity of Cambourne Business Park Management Limited is that of a dormant company.

10

Debtors

2024
 £

2023
 £

Accrued income

8,750

8,750

11

Cash and cash equivalents

2024
 £

2023
 £

Cash at bank

12,668

-

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

-

15,240

Amounts owed to group undertakings

15

39,850

8,171

Social security and other taxes

 

5,189

629

Accruals and deferred income

 

6,500

6,250

 

51,539

30,290

13

Provisions for liabilities

Deferred tax
£

Total
£

Additional provisions

13,943

13,943

At 31 March 2024

13,943

13,943

14

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       

15

Related party transactions

During the current year the company's parent entity, South Cambridgeshire District Council, paid various expenses on behalf of the company and the company incurred VAT on behalf of other group entities such that at 31 March 2024 there was an amount owed to the parent entity of £39,848 (2023: £8,169).

The company also owed a balance of £2 (2023: £2) to its subsidiary company, Cambourne Business Park Management Limited, in respect of unpaid share capital as at 31 March 2024 and throughout the current and preceding periods.

These loans are provided interest free, unsecured and repayable on demand.

 

Cambourne Business Park Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

16

Parent and ultimate parent undertaking

The company's immediate parent is South Cambridgeshire District Council, located in England and Wales.

 The most senior parent entity producing publicly available financial statements is South Cambridgeshire District Council. These financial statements are available upon request from South Cambridgeshire Hall, Cambourne Business Park, Cambourne, South Cambridgeshire, CB23 6EA.