REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
SHEFFIELD CITY CENTRE BID LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
SHEFFIELD CITY CENTRE BID LIMITED |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SHEFFIELD CITY CENTRE BID LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Aizlewood's Mill |
Nursery Street |
Sheffield |
S3 8GG |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
BALANCE SHEET |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
SHEFFIELD CITY CENTRE BID LIMITED is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The BID's five year term comes to an end at 31 March 2026. The Ballot Holder, Sheffield City Council, has been instructed to conduct a renewal ballot to continue the BID for a further five years. The ballot will take place in October 2025 and will determine if Sheffield BID will continue into a third term. |
The directors are confident of a successful outcome but accept that there are a lot of external pressures on business. The levy is also proposed to increase by 0.75% during the new term, all of which bring a level of uncertainty to the decision. |
Should the BID proposal not be accepted, the company has budgeted funding to the end of its term and will wind down its operations with a view to ceasing by 31 March 2026. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover represents levy contributions to the company made by local businesses net of VAT. Annual levy contributions are agreed each year and paid in advance, with the necessary adjustments being made through deferred/accrued revenue to apportion the income evenly throughout the year. |
Income from the sale of gift cards is only recognised when the gift card has expired and any breakage is determined. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
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, other third parties and related parties |
Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
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 by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Other creditors |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.7.24 | 31.7.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | - |
The company received a loan of £70,000 from Sheffield City Council to support cashflow due to the agreed delay in collecting the levy income due to the Covid-19 pandemic. |
The loan is repayable by instalments, the final instalment being April 2025. |
The loan does not bear interest. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following transactions that had related party interests : |
The company received income of £647,999 and incurred expenditure of £53,981 with Sheffield City Council, an organisation that Councillor J Otten is associated with. |
Debtors of £655 were due to the company and Creditors of £0 were owed by the company in relation to Sheffield City Council at the year end. |
The balance due on a loan from Sheffield City Council was £14,000 at the year end. |
The company incurred expenditure of £129 with Sheffield Theatres, an organisation in which T Bird is Chief Executive. |
The company incurred expenditure of £1,470 with Wake Smith Solicitors Ltd, a company in which J Baddeley is a director. |
Expenses totalling £128 were reimbursed to one director during the year. |
11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
SHEFFIELD CITY CENTRE BID LIMITED (REGISTERED NUMBER: 09601967) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the board, no ultimate controlling party exists. |
13. | LIMITED BY GUARANTEE |
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. |