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Registration number: 03514506

Malvern Hills Science Park Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Malvern Hills Science Park Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 13

 

Malvern Hills Science Park Limited

Company Information

Directors

Mr CJ Walker

Mr M Martin

Mr PI Walker

Mr VG Allison

Mr RW Prestidge

SM Smith

Mr TA Esler

Mr AG White

Company secretary

Harrison Clark (Secretarial) Limited

Registered office

Malvern Hills Science Park
Geraldine Road
Malvern
Worcestershire
WR14 3SZ

Auditors

Chartered Accountants

 

Malvern Hills Science Park Limited

(Registration number: 03514506)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

82,310

63,839

Investment property

5

11,095,367

10,874,595

Investments

6

-

150,000

 

11,177,677

11,088,434

Current assets

 

Debtors

7

140,008

233,279

Cash at bank and in hand

 

1,304,974

1,086,824

 

1,444,982

1,320,103

Creditors: Amounts falling due within one year

8

(2,714,959)

(2,658,423)

Net current liabilities

 

(1,269,977)

(1,338,320)

Total assets less current liabilities

 

9,907,700

9,750,114

Creditors: Amounts falling due after more than one year

8

(4,036,281)

(3,870,008)

Provisions for liabilities

-

(69,551)

Net assets

 

5,871,419

5,810,555

Capital and reserves

 

Called up share capital

9

20,649

20,649

Share premium reserve

2,044,251

2,044,251

Retained earnings

3,806,519

3,745,655

Shareholders' funds

 

5,871,419

5,810,555

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................
Mr AG White
Director

   
     
 

Malvern Hills Science Park Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2023

20,649

2,044,251

3,654,780

5,719,680

Prior period adjustment

-

-

90,875

90,875

At 1 April 2023 (As restated)

20,649

2,044,251

3,745,655

5,810,555

Profit for the year

-

-

122,808

122,808

Dividends

-

-

(61,944)

(61,944)

At 31 March 2024

20,649

2,044,251

3,806,519

5,871,419

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

20,649

2,044,251

5,668,452

7,733,352

Prior period adjustment

-

-

(1,618,375)

(1,618,375)

At 1 April 2022 (As restated)

20,649

2,044,251

4,050,077

6,114,977

Loss for the year

-

-

(242,478)

(242,478)

Dividends

-

-

(61,944)

(61,944)

At 31 March 2023

20,649

2,044,251

3,745,655

5,810,555

 

Malvern Hills Science Park Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Malvern Hills Science Park
Geraldine Road
Malvern
Worcestershire
WR14 3SZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The Directors have reasonable expectation that the company will continue in operational existence for the foreseeable future.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 March 2025 was Andy Bewick, who signed for and on behalf of .

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Malvern Hills Science Park Limited

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

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

2.5% Straight line

Plant and equipment

20% Straight line

Fixtures and fittings

20-25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Malvern Hills Science Park Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Malvern Hills Science Park Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Malvern Hills Science Park Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

827,431

827,431

Additions

44,883

44,883

At 31 March 2024

872,314

872,314

Depreciation

At 1 April 2023

763,592

763,592

Charge for the year

26,412

26,412

At 31 March 2024

790,004

790,004

Carrying amount

At 31 March 2024

82,310

82,310

At 31 March 2023

63,839

63,839

5

Investment properties

2024
£

At 1 April

10,874,595

Fair value adjustments

220,772

At 31 March

11,095,367

The investment property has been valued by an independent valuer as at 31st March 2024 and 31st March 2023. The valuation for 31st March 2022 has been extrapolated backwards from the 2023 valuation to determine the fair value of the investment property.


The company has not recognised a deferred tax asset of £1,872,417 relating to a temporary difference of £7,489,668 arising from the difference between the cost of the investment property and the fair value of the investment property. This is because the capital loss will only be realised and potentially utilised against any capital gains incurred in the final period upon sale of the property.

 

Malvern Hills Science Park Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

150,000

Subsidiaries

£

Cost or valuation

At 1 April 2023

150,000

Revaluation

(150,000)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 March 2023

150,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

109,659

128,021

Prepayments

30,349

28,766

Other debtors

-

76,492

 

140,008

233,279

 

Malvern Hills Science Park Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

75,950

200,000

Trade creditors

 

57,094

166,798

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

36,248

63,061

Taxation and social security

 

81,277

196,136

Accruals and deferred income

 

523,919

361,028

Other creditors

 

1,940,471

1,671,400

 

2,714,959

2,658,423

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

4,036,281

3,870,008

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

3% P1 preference shares of £0.01 each

2,064,800

20,648

2,064,800

20,648

2,064,900

20,649

2,064,900

20,649

 

Malvern Hills Science Park Limited

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

2024 £

2023 £

Ordinary share capital

Issue and fully paid

100 ordinary shares of 1p each

1

1

Preference share capital

Issued and fully paid

2,064,800 3% P1 preference shares of 1p each

20,648

20,648

6,844 Redeemable 6.37% preference shares P2 of £1 each

6,844

6,844

27,492

27,492

Preference shares classified as equity

20,648

20,648

Preference shares classified as liabilities

6,844

6,844

27,492

27,492

Total equity share capital

20,649

20,649

Operational Capital

No notification has been issued by the Board to redeem the preference share capital of the companyand the following is, therefore, considered to be the operatioal fixed capital:

2024 £

2023 £

Preference share capital 6.37% - redeemable

3,870,008

3,870,008

Preference share capital 3%

20,648

20,648

Ordinary share capital

1

1

Share premium

2,044,251

2,044,251

5,934,908

5,934,908

 

Malvern Hills Science Park Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

166,273

-

Redeemable preference shares

3,870,008

3,870,008

4,036,281

3,870,008

Current loans and borrowings

2024
£

2023
£

Bank borrowings

75,950

200,000

 

Malvern Hills Science Park Limited

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

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

115,157

115,657

Later than one year and not later than five years

460,628

462,628

Later than five years

408,090

525,707

983,875

1,103,992

The amount of non-cancellable operating lease payments recognised as an expense during the year was £120,117 (2023 - £116,734).

12

Related party transactions

Summary of transactions with subsidiaries

NexGworx Limited is a subsidiary company of Malvern Hill Science Park Limited. Malvern Hills Science Park Limited received income on behalf of nexGworx Limited of NIL (2023: £227,457) and expenditure of Nil (2023: £422,907) the income and expenditure have been recharged onto nexGworx Limited.

At the year end, Malvern Hills Science Park Limited owed NexGworx Limited £36,248, in 2023 Malvern Hills Science Park owed NexGworx Limited £63,061.

 

Summary of transactions with other related parties

Worcestershire county council, a local authority with joint control of the entity no longer pay rental for the premises they occupy since the formal lease agreement ended, they are however, still making payments for service charges incurred.