Registered number: 02753023
LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02753023
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Surplus and deficit account
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.
The notes on pages 4 to 10 form part of these financial statements.
Page 1
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02753023
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
Page 2
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Surplus and deficit account
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Liverpool City Region Growth Company Limited is a private limited company, limited by guarantee, incorporated in England and Wales. Its registered office is 1 Mann Island, Liverpool, L3 1BP. The company number is 02753023.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
On 1 April 2024, almost all the activity of the Liverpool City Region Growth Company four companies have had their activities transferred into the Liverpool City Region Combined Authority.
This company is to continue for the foreseeable future however as partnership income is to be retained within this entity.
Accordingly the directors believe that this company is a going concern and these accounts are presented on this basis.
Income receivable including grants which excludes value added tax is credited to the income and expenditure account according to the period to which it relates. The release of these grants from deferred income follows when expenditure is made, or on a basis to match against expenditure should the grant not have direct expenditure to match against. Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors. Commitments to organisations that apply for financial support are recognised at the point that the commitment is made, rather than relating it to the timing of the underlaying commercial contract for which funding to the organisation is provided.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to surplus and deficit 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 lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 4
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Interest income is recognised in surplus or deficit using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 surplus or deficit when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
Depreciation is provided on the following basis:
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 in surplus or deficit.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 5
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 34 (2023 - 46).
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Page 6
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 7
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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The following were subsidiary undertakings of the Company:
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Liverpool City Region Growth (Tradeco) Company Limited
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Liverpool City Region Growth Company (Teckal) Limited
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The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Liverpool City Region Growth (Tradeco) Company Limited
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Liverpool City Region Growth Company (Teckal) Limited
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Page 8
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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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.
Page 9
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company pays into personal pension plans. The assets of these plans are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the plans and amounted to £162,181 (2023 - £143,755).
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Related party transactions
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The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.
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The company was a wholly owned subsidiary of Liverpool City Region Growth Company (Holdco) Limited, registered in England and Wales.
Copies of the parent company financial statements may be obtained from Companies House, Cardiff, CF14 3UZ.
The guarantors of Liverpool City Region Growth Company (Holdco) Limited have reserved powers to appoint and terminate the Directors of the company but delegate the operational management of the company to the Board of Directors for the company. The guarantor is the Liverpool City Region Combined Authority.
The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 21 February 2025 by Simon Whalley (Senior statutory auditor) on behalf of Langtons Professional Services Limited.
Page 10
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