DURHAM UNIVERSITY ENTERPRISE LTD

Company Registration Number:
02830763 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

DURHAM UNIVERSITY ENTERPRISE LTD

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

DURHAM UNIVERSITY ENTERPRISE LTD

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

The company changed its name from Durham University Investments Limited to Durham University Enterprise Limited on 1st Nov 2023 Durham University Enterprise Limited is an intermediate holding company. It is a subsidiary of the University of Durham, which is incorporated in England by Royal Charter and is an Exempt Charity. Principal Activities The company has the following subsidiaries: Durham University Developments Limited Durham Women’s Football Club Limited Property trading and development Operation of football club Durham Women’s Football Club was sold on 1st August 2025.There are no anticipated changes to the activities of Durham University Developments Limited

Political and charitable donations

Political or charitable contributions The company made no political or charitable donations during the year.

Additional information

Results The retained profit for the year is £38,131 (2023: loss £101,746). Going Concern The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the ultimate parent company Durham University. The directors have received confirmation that Durham University intend to support the company for at least one year after these financial statements are signed. The directors have performed an assessment of the various activities of the group and are not concerned. The land value held by Durham University Developments Limited is prudent and the underlying market value is considerably more based on internal expert valuation assessment. Durham Women’s Football Club was sold on 1st August 2024. Small company exemption In preparing this report, the directors have taken advantage of the small companies’ exemptions provided by Section 415A of the Companies Act 2006. The directors have also taken advantage of the small company exemptions provided by Section 414B of the Companies Act 2006 and have not prepared a strategic report. For the year ending 31st July 2024, the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.



Directors

The director shown below has held office during the period of
1 August 2023 to 14 February 2024

Mr Stephen Willis


The director shown below has held office during the period of
1 August 2023 to 31 January 2024

Dr Tim Hammond


The directors shown below have held office during the period of
31 January 2024 to 31 July 2024

Mr Neil Scott
Prof Michael Shipman


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
2 May 2025

And signed on behalf of the board by:
Name: Mr Neil Scott
Status: Director

DURHAM UNIVERSITY ENTERPRISE LTD

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 1,102,748 754,761
Cost of sales: ( 883,390 ) ( 726,640 )
Gross profit(or loss): 219,358 28,121
Distribution costs: 0 0
Administrative expenses: ( 178,460 ) ( 129,867 )
Other operating income: 0 0
Operating profit(or loss): 40,898 (101,746)
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 2,767 ) 0
Profit(or loss) before tax: 38,131 (101,746)
Tax: 0 0
Profit(or loss) for the financial year: 38,131 (101,746)

DURHAM UNIVERSITY ENTERPRISE LTD

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 1,125 675
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 1,125 675
Current assets
Stocks:   0 0
Debtors: 4 353 5,170
Cash at bank and in hand: 2,453 2,914
Investments:   0 0
Total current assets: 2,806 8,084
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 215,175 ) ( 258,134 )
Net current assets (liabilities): (212,369) (250,050)
Total assets less current liabilities: (211,244) ( 249,375)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (211,244) (249,375)
Capital and reserves
Called up share capital: 1,000 1,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (212,244 ) (250,375 )
Total Shareholders' funds: ( 211,244 ) (249,375)

The notes form part of these financial statements

DURHAM UNIVERSITY ENTERPRISE LTD

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 2 May 2025
and signed on behalf of the board by:

Name: Mr Neil Scott
Status: Director

The notes form part of these financial statements

DURHAM UNIVERSITY ENTERPRISE LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts receivable (excluding value added tax) derived from the group’s activities as detailed in note 2.

    Other accounting policies

    Accounting Policies Durham University Enterprise Limited (the “Company”) is a private company limited by shares and is incorporated and domiciled in England, within the United Kingdom. These group and parent company financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. The amendments to FRS 102 issued in July 2015 and effective immediately have been applied. The presentation currency of these financial statements is sterling. The Company’s ultimate parent undertaking, Durham University includes the group and Company in its consolidated financial statements. The consolidated financial statements of Durham University are available to the public and may be obtained from The Palatine Centre, Stockton Road, Durham, DH1 3LE. In these financial statements, the group and company are considered to be a qualifying entity (for the purposes of this FRS) and have applied the exemptions available under FRS 102 in respect of the following disclosures: Reconciliation of the number of shares outstanding from the beginning to end of the year; Cash Flow Statement and related notes; and Key Management Personnel compensation. As the consolidated financial statements of Durham University include the equivalent disclosures, the Company has also taken the exemptions under FRS 102 available in respect of the following disclosures: The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1. The Company proposes to continue to adopt the reduced disclosure framework of FRS 102 in its next financial statements. The accounting policies set out below have, unless otherwise stated, been applied consistently to all years presented in these financial statements. Basis of preparation The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. Going concern The company meets its day to day working capital requirements through operating cash flows and support provided by its parent company. The company has received assurances that such support will continue to be available, as may be required for the next 12 months from the date of approval of these financial statements and thereafter for the foreseeable future to allow the company to meet its liabilities as they fall due. The company has received assurances from the University of Durham that this support will continue to be made available to the company should this be required. After making enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 July 2024. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the Company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. Under Section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account. In the parent financial statements, Enterprise in subsidiaries are carried at cost less impairment loss. Basis of preparation The financial statements have been prepared in accordance with the Companies Act 2006, applicable accounting standards and under the historical cost accounting rules. Financial Instruments The Institution has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement, and disclosure of financial instruments. Financial assets and liabilities are recognised when the Institution becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Classification of financial instruments issued by the group In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: a. they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and b. where the instrument will or may be settled in the company’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company’s own equity instruments or is a derivative that will be settled by the company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company’s own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. Stocks Long leasehold land is held as stock at the lower of historic cost and net realisable value and is intended to be used for property trading. Amounts relating to the development of the long leasehold land are stated at the lower of historic cost and net realisable value. Stocks are stated at the lower of cost and net realisable value. Provisions A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in years different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. 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. Estimates and judgements The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The Company makes an estimate of the value of trade and other creditors. When assessing the value of provisions, management considers factors including the ageing profile and historical experience.

DURHAM UNIVERSITY ENTERPRISE LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 31 31

DURHAM UNIVERSITY ENTERPRISE LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 August 2023 0 900 900
Additions 0 900 900
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 July 2024 0 1,800 1,800
Amortisation
At 1 August 2023 0 225 225
Charge for year 0 450 450
On disposals 0 0 0
Other adjustments 0 0 0
At 31 July 2024 0 675 675
Net book value
At 31 July 2024 0 1,125 1,125
At 31 July 2023 0 675 675

DURHAM UNIVERSITY ENTERPRISE LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024 2023
£ £
Trade debtors 353 5,170
Prepayments and accrued income 0 0
Other debtors 0 0
Total 353 5,170
Debtors due after more than one year: 0 0

DURHAM UNIVERSITY ENTERPRISE LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 75,964 118,492
Taxation and social security 0 0
Accruals and deferred income 2,265 0
Other creditors 136,946 139,642
Total 215,175 258,134