REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Stockport Town Centre Business |
Improvement District (BID) Ltd |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Stockport Town Centre Business |
Improvement District (BID) Ltd |
Stockport Town Centre Business |
Improvement District (BID) Ltd (Registered number: 10543018) |
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 |
Stockport Town Centre Business |
Improvement District (BID) Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
3 Stockport Exchange |
Stockport |
Cheshire |
SK1 3GG |
Stockport Town Centre Business |
Improvement District (BID) Ltd (Registered number: 10543018) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
5 |
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 |
Stockport Town Centre Business |
Improvement District (BID) Ltd (Registered number: 10543018) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Stockport Town Centre Business Improvement District (BID) Ltd ("the Company") is a private limited company limited by guarantee, incorporated in England & Wales. |
The address of its registered office and principal place of business is Suite G1.3 Stok, 43-59 Prince's Street, Stockport, SK1 1RY.The company's registered number is 10543018. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Levy income comprises a set percentage of business rates receivable from business locations in the BID area, subject to a fixed sum, in connection with the promotion of Stockport Town Centre, exclusive of VAT. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third party loans and loans to related parties. |
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 at the balance sheet date. |
Stockport Town Centre Business |
Improvement District (BID) Ltd (Registered number: 10543018) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pensions |
Defined contribution pension plan. |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Interest Income |
Interest income is recognised in the consolidated statement of comprehensive income using the effective interest method. |
Holiday Pay Accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Stockport Town Centre Business |
Improvement District (BID) Ltd (Registered number: 10543018) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | ULTIMATE CONTROLLING PARTY |
The company is ultimately accountable to the levy paying businesses in the district and therefore these businesses, as a body, are considered to be the controlling party. |
9. | LIMITED BY GUARANTEE |
The company is a private company limited by guarantee and consequently does not have share capital. |