Caseware UK (AP4) 2023.0.135 2023.0.135 172023-04-01falsefalseNo description of principal activity23true 01633258 2023-04-01 2024-03-31 01633258 2022-04-01 2023-03-31 01633258 2024-03-31 01633258 2023-03-31 01633258 2022-04-01 01633258 c:Director1 2023-04-01 2024-03-31 01633258 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 01633258 d:FurnitureFittings 2023-04-01 2024-03-31 01633258 d:OfficeEquipment 2023-04-01 2024-03-31 01633258 d:OfficeEquipment 2024-03-31 01633258 d:OfficeEquipment 2023-03-31 01633258 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01633258 d:CurrentFinancialInstruments 2024-03-31 01633258 d:CurrentFinancialInstruments 2023-03-31 01633258 d:Non-currentFinancialInstruments 2024-03-31 01633258 d:Non-currentFinancialInstruments 2023-03-31 01633258 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01633258 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01633258 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01633258 d:RetainedEarningsAccumulatedLosses 2024-03-31 01633258 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01633258 d:RetainedEarningsAccumulatedLosses 2023-03-31 01633258 d:RetainedEarningsAccumulatedLosses 2022-04-01 01633258 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 01633258 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 01633258 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-03-31 01633258 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-03-31 01633258 c:FRS102 2023-04-01 2024-03-31 01633258 c:Audited 2023-04-01 2024-03-31 01633258 c:FullAccounts 2023-04-01 2024-03-31 01633258 c:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 01633258 d:Subsidiary1 2023-04-01 2024-03-31 01633258 d:Subsidiary1 1 2023-04-01 2024-03-31 01633258 d:Subsidiary2 2023-04-01 2024-03-31 01633258 d:Subsidiary2 1 2023-04-01 2024-03-31 01633258 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01633258 c:Consolidated 2024-03-31 01633258 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 01633258 2 2023-04-01 2024-03-31 01633258 6 2023-04-01 2024-03-31 01633258 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01633258










NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)










Financial statements

Information for filing with the registrar

for the year ended 31 March 2024

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES
 
(A company limited by guarantee)
Registered number: 01633258

Consolidated balance sheet
as at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
99,997
65,283

Investments
 5 
1
1

Investment property
 6 
1,945,000
1,844,769

  
2,044,998
1,910,053

Current assets
  

Debtors: amounts falling due after more than one year
 7 
6,426
83,541

Debtors: amounts falling due within one year
 7 
1,053,738
1,014,649

Cash at bank and in hand
 8 
638,886
528,613

  
1,699,050
1,626,803

Creditors: amounts falling due within one year
 9 
(1,778,659)
(1,424,040)

Net current (liabilities)/assets
  
 
 
(79,609)
 
 
202,763

Total assets less current liabilities
  
1,965,389
2,112,816

Creditors: amounts falling due after more than one year
 10 
(950,993)
(1,055,287)

Provisions for liabilities
  

Net assets
  
1,014,396
1,057,529


Capital and reserves
  

Profit and loss account
 14 
1,014,396
1,057,529

Equity attributable to owners of the parent Company
  
1,014,396
1,057,529


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 20 March 2025.


................................................
L Connellan
Director

The notes on pages 6 to 24 form part of these financial statements.
Page 1

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES
 
(A company limited by guarantee)
Registered number: 01633258

Consolidated balance sheet (continued)
as at 31 March 2024


Page 2

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES
 
(A company limited by guarantee)
Registered number: 01633258

Company balance sheet
as at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,884
3,276

Investments
 5 
2
2

  
2,886
3,278

Current assets
  

Debtors: amounts falling due within one year
 7 
174,402
336,953

Cash at bank and in hand
 8 
36,139
57,332

  
210,541
394,285

Creditors: amounts falling due within one year
 9 
(982,570)
(971,911)

Net current liabilities
  
 
 
(772,029)
 
 
(577,626)

Total assets less current liabilities
  
(769,143)
(574,348)

  

  

Net liabilities
  
(769,143)
(574,348)


Capital and reserves
  

Profit and loss account
 14 
(769,143)
(574,348)

  
(769,143)
(574,348)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 20 March 2025.


................................................
L Connellan
Director

The notes on pages 6 to 24 form part of these financial statements.

Page 3

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES
 
(A company limited by guarantee)
 

Consolidated statement of changes in equity
for the year ended 31 March 2024


Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£


At 1 April 2022
898,572
898,572
898,572


Comprehensive income for the year

Profit for the year
158,957
158,957
158,957



At 1 April 2023
1,057,529
1,057,529
1,057,529


Comprehensive income for the year

Loss for the year
(43,133)
(43,133)
(43,133)


At 31 March 2024
1,014,396
1,014,396
1,014,396


The notes on pages 6 to 24 form part of these financial statements.

Page 4

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES
 
(A company limited by guarantee)
 

Company statement of changes in equity
for the year ended 31 March 2024


Profit and loss account
Total equity

£
£


At 1 April 2022
(636,614)
(636,614)


Comprehensive income for the year

Profit for the year
62,266
62,266



At 1 April 2023
(574,348)
(574,348)


Comprehensive income for the year

Loss for the year
(194,795)
(194,795)


At 31 March 2024
(769,143)
(769,143)


The notes on pages 6 to 24 form part of these financial statements.

Page 5

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

1.


General information

Norfolk and Waveney Enterprise Services is a private company limited by guarantee and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements and this is also the principal place of business. The company's registration number is 01633258. Norfolk and Waveney Enterprise Services and its 100% subsidiary are owned and managed as an informal 'Group' (the Quasi-Group) with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management Ltd (company registration number 04283234). The two parent companies in the Quasi-Group are both Limited by Guarantee and share the same Members. The Board of directors for all four companies in the Quasi-Group is identical.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the Company and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Exemption has been taken to exclude Enterprise for London Limited from the consolidated accounts on the basis that it is immaterial to the Group financial statements.

Page 6

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Going concern

In preparing the financial statements, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the Group. As disclosed in note 1, the Company and its subsidiary are part of a Quasi-Group with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management Ltd. 
As disclosed in note 16 to the financial statements NWES Property Services Limited has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Group is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. As the clawback is discretionary any liability is only possible and therefore has not been provided for but disclosed in the financial statements, in line with financial reporting standards. The Directors have considered a range of scenarios in respect of this matter and are confident that this would not result in a material uncertainty in respect of the going concern of the Group. 
As of 31 March 2024, the Company had net current liabilities and due to the current position on some projects within Norfolk and Waveney Enterprise Services Limited the Company may require financial support from its fellow group company to meet its liabilities as they fall due. This potential requirement has been modelled over the next twelve months and the Directors consider that the current levels of cash reserves within the Group should be adequate to cover the expected maximum requirement. NWES Property Services Limited has confirmed its willingness to support Norfolk and Waveney Enterprise Services Limited.
 
NWES Property Services Limited has also signified its willingness to provide financial support to a fellow Quasi-Group member, NBV Enterprise Solutions Limited to meet its liabilities as they fall due, and the cash forecasts and reserves are considered to be sufficient to enable that pledge to be honoured.
In the Directors’ opinion, the Group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

 
2.4

Revenue

Turnover principally consists of rental income, management charges and grant income.
Rental, contract and training course income and management charges are recognised on an accruals basis as to match the revenue earned to the period in which the services are provided.
Capital grant income is released in line with the terms and conditions of any grant or in the useful economic life of the asset to which the funding relates.
Revenue grants are recognised in the profit and loss so as to match them with the relevant expenditure for which they have been granted. 

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 7

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Leased assets: the Group as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

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.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 8

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

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.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over the lease term
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line

Page 9

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)

 
2.15

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. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. Where the Group's share of net liabilities in an associate exceeds the carrying value of its investment, the share of reported losses is not recognised.

 
2.17

Debtors

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.

 
2.18

Cash and cash equivalents

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.

 
2.19

Creditors

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Page 10

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 11

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administrative staff
17
23
-
-



Trainers, advisors and centre coordinators
28
21
14
20



Senior management
3
3
3
3

48
47
17
23

Page 12

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

4.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Equipment
Total

£
£
£
£



Cost


At 1 April 2023
34,331
62,664
135,802
232,797


Additions
-
68,366
11,855
80,221



At 31 March 2024

34,331
131,030
147,657
313,018



Depreciation


At 1 April 2023
19,678
26,795
121,041
167,514


Charge for the year on owned assets
11,268
24,877
9,362
45,507



At 31 March 2024

30,946
51,672
130,403
213,021



Net book value



At 31 March 2024
3,385
79,358
17,254
99,997



At 31 March 2023
14,653
35,869
14,761
65,283




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
3,385
14,653

3,385
14,653


Page 13

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

           4.Tangible fixed assets (continued)


Company






Equipment

£

Cost


At 1 April 2023
71,027


Additions
702



At 31 March 2024

71,729



Depreciation


At 1 April 2023
67,751


Charge for the year on owned assets
1,094



At 31 March 2024

68,845



Net book value



At 31 March 2024
2,884



At 31 March 2023
3,276






Page 14

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

5.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost


At 1 April 2023
1



At 31 March 2024
1




The Group has an interest in two thirds of the ordinary share capital of Enterprise for London Limited. 
There is also a £1 investment in dormant company Cavendish Consortium Limited which has been provided against in the group and company accounts.

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
2



At 31 March 2024
2




£1 of this relates to the 100% investment in ordinary shares of NWES Property Services Limited, the results of which are included in the Group financial statements.
The other £1 relates to the interest in two thirds of the ordinary share capital of Enterprise for London Limited. Exemption has been taken from including Enterprise for London Limited within these consolidated accounts on the grounds of immateriality which explains why the investment cost has not been eliminated.

Page 15

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

NWES Property Services Limited
Rouen House, Rouen Road, Norwich, NR1 1RB
Ordinary
100%
Enterprise for London Limited
Rouen House, Rouen Road, Norwich, NR1 1RB
Ordinary
66.67%


6.


Investment property

Group


Investment property

£



Valuation


At 1 April 2023
1,844,769


Surplus on revaluation
100,231



At 31 March 2024
1,945,000

The final freehold property has been revalued by Savills. The valuations included within the accounts are the higher of either vacant possession or existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
989,387
989,387

Accumulated depreciation and impairments
(4,942)
-

984,445
989,387

Page 16

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

7.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
6,426
83,541
-
-

6,426
83,541
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
306,913
213,175
54,507
70,236

Other debtors
317,643
266,482
35,696
37,341

Prepayments and accrued income
409,182
508,197
84,199
229,376

Deferred taxation
20,000
26,795
-
-

1,053,738
1,014,649
174,402
336,953



8.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
638,886
528,613
36,139
57,332

638,886
528,613
36,139
57,332


Included within group cash at bank and in hand are amounts of £323,021 (2023: £256,076) relating to monies administered by the client in respect of properties owned by third parties. An equal and opposite creditor is included within other creditors.

Page 17

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
22,197
17,253
-
-

Trade creditors
486,631
349,079
26,832
20,840

Amounts owed to group undertakings
-
-
848,025
864,644

Corporation tax
2,936
24,922
-
-

Other taxation and social security
89,617
79,196
13,489
14,736

Other creditors
905,049
672,054
74,219
44,038

Accruals and deferred income
272,229
281,536
20,005
27,653

1,778,659
1,424,040
982,570
971,911



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
22,197
17,253

22,197
17,253

Details of security provided:

The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.

Page 18

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

10.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
944,566
971,743

Accruals and deferred income
6,427
83,544

950,993
1,055,287



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
944,566
971,743

944,566
971,743

Details of security provided:

The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
2024
2023
£
£


Repayable by instalments
835,056
894,391

835,056
894,391

The amounts held within bank loans are subject to interest at 3% above BOE base rate. Amounts held within other creditors were subject to interest at 5.25%.

Page 19

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

11.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
22,197
17,253


22,197
17,253

Amounts falling due 1-2 years

Bank loans
24,099
17,090


24,099
17,090

Amounts falling due 2-5 years

Bank loans
85,411
60,262


85,411
60,262

Amounts falling due after more than 5 years

Bank loans
835,056
894,391

835,056
894,391

966,763
988,996


Page 20

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

12.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
306,913
213,175
54,507
70,236


Financial liabilities

Financial liabilities measured at amortised cost
(1,453,394)
(1,338,075)
(874,857)
(885,484)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, bank loans, bank overdrafts, other loans and amounts owed to group undertakings.

Page 21

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

13.


Deferred taxation


Group



2024


£






At beginning of year
26,795


Charged to profit or loss
(6,795)



At end of year
20,000

The deferred tax asset is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
20,000
26,795

20,000
26,795


14.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and unrealised investment property gains.
Held within this reserve are non-distributable investment property unrealised revaluation gains of £960,555.



15.


Company status

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 22

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

16.


Contingent liabilities

The Group has a guarantee relating to a performance bond with Harlow Council. The maximum value of the guarantee is £135,000 and no liability is expected to arise in respect of this.
The Group has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Group is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. Therefore, no provision has been made in the financial statements, in line with financial reporting standards nor any quantum disclosed.
It was expected that the Group would be required to pay dilapidations costs in relation to a property lease which ended in July 2024, however it has been verbally agreed with the lessor that under a new management agreement, the Group will no longer lease the property and will instead receive a monthly fee to manage the entire site and rather than paying a dilapidations fee, the Group will carry out agreed maintenance and repair works throughout the term of the management agreement, the value of such maintenance and repair works are currently unquantifiable.


17.


Pension commitments

The Group operates a defined contribution pension scheme for the benefit of employees who wish to make provisions for pensions. The pension cost charge in the year represents contributions payable by the Group to the scheme and amounted to £45,585 (2023: £40,959).
Contributions totalling £10,047 (2023: £9,769) were payable to the scheme at the end of the year.

Page 23

 
NORFOLK AND WAVENEY ENTERPRISE SERVICES

(A company limited by guarantee)
 

 
Notes to the financial statements
for the year ended 31 March 2024

18.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 to not disclose particulars of transactions with its wholly owned subsidiary.
The following transactions occurred in the year:
A company which is an associated undertaking of the parent company:
The Group have loaned monies to the company totalling £223,476 (2023: £218,373) at the year end. No interest accrued on these amounts and there is a provision against the balance of £223,476 (2023: £200,936).
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Sales totalled £34,516 (2023: £14,651) and purchases and wages recharges amounted to £210,728 (2023: £160,127).
There is a balance in other creditors totalling £21,942 (2023: £10,788) and in other debtors of £180,687 (2023: £127,882).
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Rent and other recharges amounted to £321,323 (2023: £311,415). There is a balance in other creditors totalling £90,205 (2023: £94,831).
A company which was previously considered a related party through common governance
The Group reversed a bad debt provision relating to a debt due from this company following the receipt of £49,568.
Key management personnel:
The aggregate remuneration of key management personnel was £202,041 (2023: £181,739).


19.


Controlling party

The company is controlled by the guarantors.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 20 March 2025 by Sarah Flear (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


21.
 

Provisions available for audits of small entities

The entity qualifies for PAASE and therefore in common with many other businesses of this size and nature, the company uses their auditors to assist with the preparation of the financial statements.


Page 24