| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| THE BIG HEART OF MERTHYR TYDFIL |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| THE BIG HEART OF MERTHYR TYDFIL |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 4 |
| Balance Sheet | 5 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| THE BIG HEART OF MERTHYR TYDFIL |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Orbit Business Centre |
| Merthyr Tydfil |
| CF48 1DL |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The projects and services delivered by The Big Heart of Merthyr Tydfil Business Improvement District (BID) in the second year of its 3rd term are based on the Business Plan 2023 - 2027 which was drawn up after consultation with businesses prior to the 2023 renewal ballot. The key initiatives have been detailed in regular letters to BID levy payers in pre-AGM updates and at the AGM. The annual update was given by the Chair of the Board of Directors and the BID Manager at the 2024 AGM. |
| The Big Heart of Merthyr reintroduced many of its projects and more which fell under the key areas of responsibility including Promoting, Welcoming, Engaging and Transforming. The BID focused on increasing the footfall in the town centre by putting on Events, Festivals and Pop-ups. |
| The BID delivered projects and services across 4 key themes. |
| Promoting Merthyr Tydfil |
| - Marketing the town centre to visitors and capturing local spend. |
| Welcoming Merthyr Tydfil |
| - Enhancing the town centre experience. |
| Engaging Merthyr Tydfil |
| - Engaging stronger communication between business and stakeholders, and promoting cost savings through various platforms. |
| Transforming Merthyr Tydfil |
| - Creating a more attractive business retail environment for town centre visitors. |
| The BID levy income is collected by the local authority as per BID regulations, in this case Merthyr Tydfil County Borough Council, which is required to pass the full amount to The Big Heart of Merthyr Tydfil BID. The BID levy for the period 1 October 2023 to 2024 was set at 1.87% of RV as set out and allowed for in the original documentation. Additional income from external funding sources has also been utilised during this period to assist in the delivery of services and activities within the four key project areas outlined above. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| £ | £ |
| INCOME |
| Project expenditure | ( |
) | ( |
) |
| GROSS (DEFICIT)/SURPLUS | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING (DEFICIT)/SURPLUS and |
| (DEFICIT)/SURPLUS BEFORE TAXATION |
( |
) |
| Tax on (deficit)/surplus |
| (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
( |
) |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES |
| Income and expenditure account |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Retained | Total |
| earnings | equity |
| £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Total comprehensive income |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | ( |
) | ( |
) |
| Balance at 30 September 2024 |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| The Big Heart Of Merthyr Tydfil is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Income represents the net value of levy contributions that were invoiced during the period, exclusive of vat. |
| Grant income |
| Grant income is included in full on receipt unless it is subject to a condition when it is treated as deferred income. |
| Deferred income |
| Income or grants received in advance are held as deferred income and carried forward to future periods to be released when the defined purpose of the work or project have been completed, approved or certified. |
| 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. |
| Going concern |
| The BID is in the third year of a five year term ending on 30th September 2027. After that term the outcome is unknown. |
| Consequently, the directors consider these accounts should be prepared on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| VAT | 17,461 | 1,897 |
| Other creditors |
| Accrued expenses |
| Deferred income |
| THE BIG HEART OF MERTHYR TYDFIL (REGISTERED NUMBER: 08275968) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | RELATED PARTY DISCLOSURES |
| During the year the following receipts and payments were given from/to Businesses and Organisations whose Owners/Directors were also Directors of the company. |
| Type of Income | Source | Related Party | Amount £ |
Grant Income |
MTCBC |
G.Thomas A Owen & .B Carter |
77,860 |
Promoting Income |
MTCBC |
G.Thomas A Owen & .B Carter |
4,360 |
Welcoming Income |
MTCBC |
G.Thomas A Owen & .B Carter |
1,866 |
Christmas Campaign |
MTCBC |
G.Thomas A Owen & .B Carter |
5,104 |
| Type of Expenditure | Source | Related Party | Amount £ |
Christmas Campaign |
MTCBC |
G.Thomas A Owen & .B Carter |
6,050 |
| No other related party transactions were made. |