WIMBLETECH COMMUNITY INTEREST COMPANY

Company Registration Number:
09017486 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

WIMBLETECH COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

WIMBLETECH COMMUNITY INTEREST COMPANY

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Directors

The director shown below has held office during the whole of the period from
1 May 2023 to 30 April 2024

D Fletcher


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
24 January 2025

And signed on behalf of the board by:
Name: D Fletcher
Status: Director

WIMBLETECH COMMUNITY INTEREST COMPANY

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 53,656 44,043
Total fixed assets: 53,656 44,043
Current assets
Debtors: 4 5,114 4,683
Cash at bank and in hand: 32,563 70,755
Total current assets: 37,677 75,438
Prepayments and accrued income: 10,471 6,800
Creditors: amounts falling due within one year: 5 ( 127,442 ) ( 81,531 )
Net current assets (liabilities): (79,294) 707
Total assets less current liabilities: (25,638) 44,750
Creditors: amounts falling due after more than one year: 6 ( 20,004 ) ( 40,004 )
Provision for liabilities: ( 10,038 ) ( 8,205 )
Accruals and deferred income: ( 44,406 ) ( 71,393 )
Total net assets (liabilities): (100,086) (74,852)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (100,087 ) (74,853 )
Total Shareholders' funds: ( 100,086 ) (74,852)

The notes form part of these financial statements

WIMBLETECH COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 24 January 2025
and signed on behalf of the board by:

Name: D Fletcher
Status: Director

The notes form part of these financial statements

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of office space and associated services.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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: Fixtures & Fittings 5 years straight line Computer Equipment 3 years straight line

    Other accounting policies

    TAXATION Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. PENSIONS The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. GOVERNMENT GRANT Grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 162,541 32,669 195,210
Additions 29,589 1,764 31,353
Disposals
Revaluations
Transfers
At 30 April 2024 192,130 34,433 226,563
Depreciation
At 1 May 2023 120,712 30,455 151,167
Charge for year 19,930 1,810 21,740
On disposals
Other adjustments
At 30 April 2024 140,642 32,265 172,907
Net book value
At 30 April 2024 51,488 2,168 53,656
At 30 April 2023 41,829 2,214 44,043

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Debtors

2024 2023
£ £
Trade debtors 4,022 516
Other debtors 1,092 4,167
Total 5,114 4,683

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 20,000 20,000
Trade creditors 51,991 3,882
Taxation and social security 11,125 21,670
Other creditors 44,326 35,979
Total 127,442 81,531

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 20,004 40,004
Total 20,004 40,004

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

7. Financial Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following: Later than five years £Nil (2023: £45,833)

WIMBLETECH COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

8. Loans to directors

Name of director receiving advance or credit: D Fletcher
Description of the transaction:
This loan is repayable on demand, unsecured and free of interest.
£
Balance at 30 April 2023
Advances or credits made: 1,092
Advances or credits repaid:
Balance at 30 April 2024 1,092

COMMUNITY INTEREST ANNUAL REPORT

WIMBLETECH COMMUNITY INTEREST COMPANY

Company Number: 09017486 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

Wimbletech CIC was set up in April 2014 and aims to: - Help companies, co-workers, and start-ups stay up and grow within their local Boroughs, while also providing affordable local space for remote working. - Cost-effectively and simply create a flexible, affordable, sustainable, community-centric co-working campus. - Provide and curate a dynamic, supportive ecosystem and network, delivering value to a range of stakeholders. This includes income, footfall, events, and activities for libraries and the local community, as well as affordable physical desk space, events, support, and a peer/partner network for members. - Between opening and April 2024, we generated a total sustainable income of approximately £1.15m. - The new ‘licensed’ space in Harlow, Essex was a success, with an expected extension following the 12-month review period and plans to consider other library sites across Essex. - Regarding member events, the number of community events run and managed by Wimbletech CIC has started to pick up, ranging from coffee mornings to Christmas lunches, while continuing to encourage member-led activities, events, and socials. - In terms of additional community benefits, we continued to help companies expand and grow, resulting in the creation of new local jobs and increased local spending, as members who may have otherwise travelled outside of their respective Boroughs to work stayed and spent locally.

Consultation with stakeholders

The company’s stakeholders, as with the year before, are ‘Members’ (those renting physical space and those connected via our Virtual programme), our partner ‘Councils’ (specifically, but not limited to, the ‘Futures’, ‘Library, Culture & Heritage’ teams, Library Staff – Library Managers, Staff and Securities Team), Local ‘Communities’, and Project Partners (Local, National, International, i.e., organisations and individuals representing Libraries, Startups, and Communities). In terms of Members and Project Partners, we communicated through our Resident Community Managers, Community Managers, and Leadership Team. These communications were carried out online (email/web), on mobile (daily involvements), and in person, resulting in changes to site configurations, upgrades, and improvements. In terms of ‘Councils’, we were in regular communication to ensure continued investment in both site operations and experience.

Directors' remuneration

Director’s remuneration was £83,601 for the period. Director’s pension contributions of £1,255 were paid.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
5 August 2024

And signed on behalf of the board by:
Name: D Fletcher
Status: Director