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REGISTERED NUMBER: 09601967 (England and Wales)















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: S G H Nevill
N J Beecroft
M J Hobson
K S Yeardley
D M Lally
Ms D D Nagy
J Otten
L A Appleton
T W Bird
P T Ferguson
A N Stacey
Mrs C M Hamilton





REGISTERED OFFICE: Suite 626 @ Spaces
Pennine Five
20-22 Hawley Street
Sheffield
S1 2EA





REGISTERED NUMBER: 09601967 (England and Wales)





AUDITORS: Hodgson & Oldfield
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 3,314 3,771

CURRENT ASSETS
Debtors 5 50,462 17,751
Cash at bank and in hand 477,620 383,512
528,082 401,263
CREDITORS
Amounts falling due within one year 6 406,805 285,632
NET CURRENT ASSETS 121,277 115,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,591

119,402

CREDITORS
Amounts falling due after more than one
year

7

-

14,000
NET ASSETS 124,591 105,402

RESERVES
Income and expenditure account 124,591 105,402
124,591 105,402

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





S G H Nevill - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

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 9 (2023 - 7 ) .

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 20,154
Additions 717
Disposals (150 )
At 31 July 2024 20,721
DEPRECIATION
At 1 August 2023 16,383
Charge for year 1,167
Eliminated on disposal (143 )
At 31 July 2024 17,407
NET BOOK VALUE
At 31 July 2024 3,314
At 31 July 2023 3,771

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 6,055 -
Other debtors 44,407 17,751
50,462 17,751

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 19,958 55,963
Taxation and social security 25,422 6,616
Other creditors 361,425 223,053
406,805 285,632

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.24 31.7.23
£    £   
Other creditors - 14,000

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 14,000 14,000

Amounts falling due between one and two years:
Other loans - 1-2 years - 14,000

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.

Scott Morton (Senior Statutory Auditor)
for and on behalf of Hodgson & Oldfield

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.