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REGISTERED NUMBER: 03747112 (England and Wales)














Financial Statements

for the Year Ended 31 March 2024

for

Manchester Active Limited

Manchester Active Limited (Registered number: 03747112)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Manchester Active Limited (Registered number: 03747112)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,049 17,860

CURRENT ASSETS
Debtors 5 1,083,789 1,356,015
Cash at bank 2,868,416 1,596,785
3,952,205 2,952,800
CREDITORS
Amounts falling due within one year 6 3,705,494 2,693,747
NET CURRENT ASSETS 246,711 259,053
TOTAL ASSETS LESS CURRENT LIABILITIES 278,760 276,913

PROVISIONS FOR LIABILITIES 7 (585,180 ) (334,801 )

PENSION ASSET 9 2,308,000 1,775,000
NET ASSETS 2,001,580 1,717,112

RESERVES
Income and expenditure account 2,001,580 1,717,112
2,001,580 1,717,112

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Ms S L Forster - Director


Manchester Active Limited (Registered number: 03747112)

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

1. STATUTORY INFORMATION

Manchester Active Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03747112

Registered office: Manchester Professional Services Limited
Level 5, Town Hall Extension
Albert Square
Manchester
M60 2LA

The presentation currency of the financial statements is the Pound Sterling (£).


The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Manchester City Council and Sport England are the only members of the company but the company is controlled by the Board, represented by Manchester City Council and Sport England.

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.

The accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover represents income and grants receivable and are described below.

Sales in respect of the provision of facilities in the interest of elite sport, social welfare and education for recreation and leisure time occupation are accounted for on an accruals basis net of value added tax where applicable.

Rental income is included in the profit and loss account in the period to which it relates under the relevant agreements.

Grants are recognised on an accruals basis and matched to the related expenditure. Grant income received towards revenue expenditure is recognised within income in the same period as the related expenditure. Any revenue grant or service fee received towards future expenditure is treated as deferred income.

Turnover is attributable to the principal activities of the company which is carried out entirely within the United Kingdom.

Manchester Active Limited (Registered number: 03747112)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit and loss during the period in which they are incurred.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment- 33% on cost
Sundry equipment- 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 and current taxation
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.

Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate of the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Financial instruments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

The company operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31st March 2024..

Manchester Active Limited (Registered number: 03747112)

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

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis, which presumes that the company will continue to receive appropriate financial support from Manchester City Council for the foreseeable future.

Manchester City Council have confirmed their intention to provide such support for the foreseeable future and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The directors are not aware of any reason why the arrangement with Manchester City Council would be materially modified notwithstanding the ongoing uncertainty attaching to public sector expenditure at the present time.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12-month period from the date of these accounts being approved, and therefore the financial statements have been prepared on a going concern basis.'

Operating leases
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Irrecoverable vat
Irrecoverable VAT on revenue expenditure is included within expenditure in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2023 - 57 ) .

4. TANGIBLE FIXED ASSETS
Cycle To
Office Work
equipment Scheme Totals
£    £    £   
COST
At 1 April 2023 133,670 - 133,670
Additions 25,017 2,865 27,882
Disposals (28,256 ) - (28,256 )
At 31 March 2024 130,431 2,865 133,296
DEPRECIATION
At 1 April 2023 115,810 - 115,810
Charge for year 13,450 243 13,693
Eliminated on disposal (28,256 ) - (28,256 )
At 31 March 2024 101,004 243 101,247
NET BOOK VALUE
At 31 March 2024 29,427 2,622 32,049
At 31 March 2023 17,860 - 17,860

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 71,745 265,206
Other debtors 1,012,044 1,090,809
1,083,789 1,356,015

Manchester Active Limited (Registered number: 03747112)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 771,782 723,089
Taxation and social security 146,466 62,076
Other creditors 2,787,246 1,908,582
3,705,494 2,693,747

7. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 8,180 (2,449 )
Defined benefit pension scheme 577,000 337,250
585,180 334,801

Deferred
tax
£   
Balance at 1 April 2023 334,801
Provided during year 250,379
Balance at 31 March 2024 585,180

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

The Report of the Auditors was unqualified.

Jeremy Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

9. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution pension scheme. Contributions payable by the company to the fund during the period were £212,453 (2023- £220,557).

The company also operates a defined benefit contribution pension scheme, which is funded.

The pension costs and provision for the period ending 31st March 2024 are based on the advice of professionally qualified actuary. The most recent formal valuation is dated 31st March 2024.

The contributions made for the period ended 31st March 2024 were £151,000 (2023: £159,000). The agreed contribution rate for future years is 17.2%, (2023 - 17.2%).

Manchester Active Limited (Registered number: 03747112)

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

9. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in surplus or deficit are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Current service cost 278,000 409,000
Net interest from net defined benefit
asset/liability

(82,000

)

42,000
Past service cost - -
196,000 451,000

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening defined benefit obligation 6,136,000 9,268,000
Current service cost 278,000 409,000
Contributions by scheme participants 63,000 61,000
Interest cost 295,000 255,000
Benefits paid (170,000 ) (81,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions

(40,000

)

(464,000

)
Actuarial (gains)/losses from changes in financial
assumptions

(482,000

)

(4,786,000

)
Other experience 160,000 1,474,000
6,240,000 6,136,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening fair value of scheme assets 7,911,000 7,816,000
Contributions by employer 151,000 159,000
Contributions by scheme participants 63,000 61,000
Interest income 377,000 213,000
Benefits paid (170,000 ) (81,000 )
Business combinations - (183,000 )
Return on plan assets (excluding interest income) 216,000 (74,000 )
8,548,000 7,911,000

Manchester Active Limited (Registered number: 03747112)

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

9. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Actuarial (gains)/losses from changes in
demographic assumptions

40,000

464,000
Actuarial (gains)/losses from changes in financial
assumptions

482,000

4,786,000
Other experience (160,000 ) (1,474,000 )
Return on plan assets (excluding interest income) 216,000 (74,000 )
Other experience adjustment - (183,000 )
578,000 3,519,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
Equities 69% 68%
Bonds 15% 15%
Property 8% 9%
Cash 8% 8%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.3.24 31.3.23
Discount rate 4.85% 4.75%
Future salary increases 3.55% 3.75%
Future pension increases 2.75% 2.95%

10. RELATED PARTY DISCLOSURES

During the financial year, the company had following transaction with its related party.
31.03.24 31.03.23
£    £   
Sales to related party 7,604,225 5,627,124
Purchases from related party 529,238 594,894
Debtors owing 6,020 29,931
Creditors owing 178,685 44,594