ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
SC223601
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MHA
12 CARDEN PLACE
ABERDEEN
AB10 1UR
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
Andrew Burnett
Susan Dowds
Sandy Kennedy
Graham Morgan
Rosalind Taylor
Rachel Ross
Secretary
Aberdein Considine Secretarial Services Limited
Company number
SC223601
Registered office
1st Floor, Blenheim House
Fountainhall Road
Aberdeen
AB15 4DT
Auditor
MHA
Aberdeen
United Kingdom
Business address
Thainstone Business Centre
Inverurie
Aberdeenshire
AB51 5TB
Bankers
Bank of Scotland
39 Albyn Place
Aberdeen
AB10 1YN
Solicitors
Aberdein Considine & Co.
1st Floor, Blenheim House
Fountainhall Road
Aberdeen
AB15 4DT
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 21
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the provision of business advice, training and managed office and workshop space to encourage small and new businesses in Scotland.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Andrew Burnett
Susan Dowds
John Harris
(Resigned 24 April 2023)
Sandy Kennedy
Gary McEwan
(Resigned 31 March 2025)
Graham Morgan
Karen Pugh
(Resigned 30 September 2024)
Andrew Campbell
(Resigned 22 February 2024)
Rosalind Taylor
Rachel Ross
Brian Williamson
(Resigned 31 May 2025)
The company does not have share capital and is limited by guarantee. The members of the company have undertaken in the event of the company being wound up to contribute a maximum of £1 each to the liabilities of the company. The number of members at 31 March 2024 was 8 (2023 - 11).
Future developments
The company has adapted to the changes in the business support sector with a blend of private and public sector contracts and there are now strong growth opportunities after what was has been a challenging two year period. In the Property division, the transition away from long-term head leases has now been completed and the downsized, lower risk portfolio continues to successfully support local businesses in rural areas. The Board has adapted to the changing landscape in Scotland's economic development eco-system with a smaller team of executive directors taking a focused approach on the future opportunities unfolding across Scotland and the UK.
Auditor
On 1 October 2023, our auditors Meston Reid & Co merged with MacIntyre Hudson LLP, trading under the name MHA. In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be put at a General Meeting. MHA has expressed their willingness to continue in office.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA Audit Services LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Rachel Ross
Director
6 June 2025
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
- 3 -
Opinion
We have audited the financial statements Enterprise North East Trust T/A Elevator (the “company’) for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its deficit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to Note 1.2 in the financial statements, which indicates that the company is currently in the process of securing future contract funding and finance to increase its future operations. As stated in Note 1.2 this event or condition together with the other factors described therein may represent a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR (CONTINUED)
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the statement of directors’ responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR (CONTINUED)
- 5 -
Irregularities, including fraud, are instances, of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include UK GAAP, FRS 102 and the Companies Act 2006,.
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and the directors We corroborated these enquiries through our review of submitted regulatory returns and board meeting minutes.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, through discussions with the directors, discussions within our audit team planning meetings, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.
We reviewed the level and reasoning behind the company’s procurement of any legal and professional fees;
We performed audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing judgements made by management in their calculation of accounting estimates for potential management bias.
Reviewing the going concern basis prepared by the directors given the losses incurred. Financial projections and forecasts have been reviewed post year end for reasonableness and accuracy.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
William Anderson BA CA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
Aberdeen
United Kingdom
6 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Income
5,649,015
7,856,617
Operational expenses
(5,406,679)
(7,484,490)
Gross surplus
242,336
372,127
Administrative expenses
(542,502)
(647,187)
Operating deficit
(300,166)
(275,060)
Interest receivable and similar income
779
118,042
Interest payable and similar expenses
(19,952)
(12,351)
Impairment of loan due from subsidiary undertaking
(61,825)
(248,361)
Deficit before taxation
(381,164)
(417,730)
Taxation
5
Deficit for the financial year
(381,164)
(417,730)
Other comprehensive income
Revaluation of tangible fixed assets
6
250,000
Actuarial loss on defined benefit pension schemes
14
(32,752)
(900)
Total comprehensive income for the year
(413,916)
(168,630)
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
784,706
930,302
Investments
7
235,869
297,694
1,020,575
1,227,996
Current assets
Debtors
10
1,742,935
1,820,260
Cash at bank and in hand
1,877
219,104
1,744,812
2,039,364
Creditors: amounts falling due within one year
11
(1,471,885)
(1,408,511)
Net current assets
272,927
630,853
Total assets less current liabilities
1,293,502
1,858,849
Creditors: amounts falling due after more than one year
13
(269,968)
(383,811)
Provisions for liabilities
12
(33,000)
Net assets excluding pension surplus
1,023,534
1,442,038
Defined benefit pension surplus
14
449,288
444,700
Net assets
1,472,822
1,886,738
Reserves
Revaluation reserve
15
250,000
250,000
Income and expenditure account
1,222,822
1,636,738
Total members' funds
1,472,822
1,886,738
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Rachel Ross
Director
Company registration number SC223601 (Scotland)
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Revaluation reserve
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
2,055,368
2,055,368
Year ended 31 March 2023:
Deficit
-
(417,730)
(417,730)
Other comprehensive income:
Revaluation of tangible fixed assets
250,000
-
250,000
Actuarial losses on defined benefit plans
-
(900)
(900)
Total comprehensive income
250,000
(418,630)
(168,630)
Balance at 31 March 2023
250,000
1,636,738
1,886,738
Year ended 31 March 2024:
Deficit
-
(381,164)
(381,164)
Other comprehensive income:
Actuarial losses on defined benefit plans
-
(32,752)
(32,752)
Total comprehensive income
-
(413,916)
(413,916)
Balance at 31 March 2024
250,000
1,222,822
1,472,822
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Company information
Enterprise North East Trust Limited T/A Elevator is a private company limited by guarantee incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
A major part of Elevators programme delivery has traditionally been funded by tendered work and whilst we expect this funding to continue much of this income is not committed until later in the year. Elevator has submitted tenders for the delivery of various programs with most submitted over the summer months and the work carried out in the six months from October to March. The directors remain confident that Elevator will be awarded contracts to deliver these contracts and are hopeful that the tender process will present opportunities for the organisation to expand its delivery.
The directors have built financial scenarios to ensure that Elevator can continue its delivery programmes in the event that the organisation is not successful in any of its tenders. The organisation is also reaching out for grant and loan funding to expand its work.
These scenarios indicate that Elevator currently has sufficient funds available to enable us to reshape our delivery should we be unsuccessful in the achieving all tenders. Our reserves position, combined with our plans should enable the organisation to continue its work, albeit in a smaller shape to our current delivery.
The directors have considered scenarios of restructuring our delivery and this combined with our current reserves position, and future plans provides sufficient comfort that Elevator can continue as a going concern for a period of no less than 12 months from date of approval of these financial statements. Whilst there is a material uncertainty related to these events or conditions that may cast significant doubt on the company’s ability to continue as a going concern and, therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business the directors consider that the going concern basis of accounting is appropriate in preparing these financial statements.
1.3
Income
Income, all of which arises in the UK, represents rental income, service charges and business advice. Rental income is charged one month in advance and is recognised when the company is entitled to receipt, as detailed in the tenancy agreements. Service income is recognised as services are rendered. Income received for the provision of business advice is recognised when the service has been provided.
Expenditure is included within the financial statements as it becomes due.
The company is partially exempt for VAT purposes therefore VAT is calculated based on the appropriate proportions of income and expenditure.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
over period of the lease
Fixtures and fittings
12.5% - 33% straight line
Computer equipment
25% - 33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Fixed asset investments
Interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the income and expenditure account in the year they are payable.
The company also operates a defined benefit scheme. The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice. The detailed assumptions relating to the surplus or deficit recognised on the defined benefit scheme can be found in note 14.
The change in the net defined benefit asset or liability arising from employee service during the year is recognised as an employee cost. Net pension finance income or costs are also recognised as employee costs. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
Actuarial gains or losses are recognised on the profit and loss, through other comprehensive income. The pension scheme is shown separately on the face of the balance sheet.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Project funds
Funds receivable in respect of projects managed by the company are treated as deferred income, which is credited to the income and expenditure account in the period in which the related project incurs expenditure.
1.15
Capital grants
Grants receivable in respect of tangible fixed assets are treated as deferred income, which is credited to the income and expenditure account over the estimated economic lives of the related assets.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
Impairment of debtors
The company makes an estimate of the recoverable value of amounts due from group undertakings. When assessing the impairment, management considers the financial position of each entity and expected future activities.
Key sources of estimation uncertainty
Depreciation
The depreciation of tangible fixed assets is a key area of estimation. The useful life and residual value of fixed assets is considered, and a depreciation rate applied accordingly. Details of the depreciation policies applied can be found in the accounting policies section of the notes to the financial statements.
3
Auditor's remuneration
2024
2023
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,500
13,000
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
83
101
5
Taxation
There is no tax charge in the current year.
Losses have been incurred by the company on property rental activities and these are available for carry forward against future property rental profits.
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
2,128,665
2,160,648
4,289,313
Additions
3,800
9,633
13,433
Disposals
(41,598)
(1,130,073)
(1,171,671)
At 31 March 2024
2,090,867
1,040,208
3,131,075
Depreciation and impairment
At 1 April 2023
1,481,022
1,877,989
3,359,011
Depreciation charged in the year
27,887
130,989
158,876
Eliminated in respect of disposals
(41,598)
(1,129,920)
(1,171,518)
At 31 March 2024
1,467,311
879,058
2,346,369
Carrying amount
At 31 March 2024
623,556
161,150
784,706
At 31 March 2023
647,643
282,659
930,302
Included in land and buildings is a leasehold at Huntly Caravan Park with a carrying amount of £nil which was revalued at 21 June 2023 by Graham + Sibbald LLP, independent valuers not connected with the company, on the basis of market value. The valuation has been prepared in accordance with the RICS Valuation - Global Standards, incorporating InternationalValuation Standards and having regard to the UK National Supplement.
If the leasehold was measured using the cost model, the carrying amounts would have been £nil (2023 - £nil), being cost £996,908 (2023 - £996,908) less depreciation £996,908 (2023) - £996,908).
The revaluation surplus is disclosed in note 15.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
7
Fixed asset investments
2024
2023
£
£
Other investments other than loans
235,869
297,694
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
297,694
Impairment
At 1 April 2023
-
Impairment losses
61,825
At 31 March 2024
61,825
Carrying amount
At 31 March 2024
235,869
At 31 March 2023
297,694
8
Fixed asset investments
Unlisted
Investments
£
Cost
At 1 April 2023 & at 31 March 2024
25,000
Provisions for diminuation in value
At 1 April 2023 & at 31 March 2024
(25,000)
Net book value
At 31 March 2024
-
At 31 March 2023
-
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
9
Subsidiaries
These financial statements are separate company financial statements for Enterprise North East Trust Limited T/A Elevator.
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Ellon Development Company Limited
Scotland
Management of Ellon Business Centre
Limited by guarantee
100.00
Targeting Innovation Solutions Limited
Scotland
Holding company
Limited by shares
100.00
PeopleMatters Europe Limited
Scotland
Provision of business advice and training services
Limited by shares
100.00
Targeting Innovation Limited
Scotland
Provision of business advice and training services
Limited by guarantee
100.00
The Elevator Foundation
Scotland
Registered charity
Limited by guarantee
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Ellon Development Company Limited
(23,016)
(532,030)
Targeting Innovation Solutions Limited
1,000
PeopleMatters Europe Limited
25,257
235,869
Targeting Innovation Limited
(105,214)
(205,661)
The Elevator Foundation
494
3,359
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
852,275
959,371
Amounts due from group undertakings
47,086
40,359
Other debtors
226,494
266,292
1,125,855
1,266,022
Amounts falling due after one year:
Amounts due from group undertakings and undertakings in which the group has a participating interest
617,080
554,238
Total debtors
1,742,935
1,820,260
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans and overdrafts
236,293
81,330
Trade creditors
681,053
322,694
Other taxation and social security
227,325
228,970
Other creditors
75,033
419,321
Accruals and deferred income
252,181
355,696
Unamortised project funds
-
500
1,471,885
1,408,511
Standard securities have been granted over Ellon Business Centre (O/W Unit 4) and Balmacassie Industrial Estate, Ellon, AB41 9RE in favour of the companies lenders. There is a bond and floating charge over all property assets.
12
Provisions for liabilities
2024
2023
£
£
Dilapidation costs
-
33,000
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
151,783
231,761
Capital grants
16
118,185
152,050
269,968
383,811
Included within bank loans is a Coronavirus Business Interruption Loan of £226,667 (2023 - £306,667). The loan repayments commenced 13 months from drawdown with an interest rate margin of 2.49% payable from the date of drawdown.
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
297,300
374,819
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Retirement benefit schemes
(Continued)
- 18 -
Defined benefit schemes
The company operates a defined benefit scheme, whose assets are held in a separate trustee-administered fund.
The most recent triennial actuarial valuation of plan assets and present value calculation of the defined benefit obligation was carried out at 31 December 2022 by The Prudential. The valuations are updated to reflect the performance on the sub-scheme up to 31 March 2024.
The defined benefit scheme is closed to new members and therefore under the projected credit unit method, the current service cost would be expected to increase as the members of the scheme approach retirement.
2024
2023
Key assumptions
%
%
Discount rate
4.90
5.00
Expected rate of increase of pensions in payment
3.1
3.20
Expected rate of salary increases
0
0
Retail Price Inflation (RPI)
3.1
3.20
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
85.8
85.9
- Females
88.7
88.9
Retiring in 20 years
- Males
87.1
87.2
- Females
90.2
90.3
2024
2023
Amounts recognised in the profit and loss account
£
£
Current service cost
9,786
17,100
Net interest on net defined benefit liability/(asset)
(22,605)
(11,598)
Other costs and income
21,483
16,873
Total costs
8,664
22,375
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Retirement benefit schemes
(Continued)
- 19 -
2024
2023
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(46,743)
(30,876)
Less: calculated interest element
46,743
30,876
Return on scheme assets excluding interest income
-
-
Actuarial changes related to obligations
7,452
(253,570)
Other gains and losses
25,300
254,470
Total costs
32,752
900
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit obligations
513,429
483,700
Fair value of plan assets
(962,717)
(928,400)
Surplus in scheme
(449,288)
(444,700)
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2023
483,700
Current service cost
9,786
Benefits paid
(14,405)
Contributions from scheme members
2,758
Actuarial gains and losses
7,452
Interest cost
24,138
At 31 March 2024
513,429
The defined benefit obligations arise from plans which are wholly unfunded.
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2023
928,400
Interest income
46,743
Benefits paid
(14,405)
Contributions by the employer
46,004
Contributions by scheme members
2,758
Other
(46,783)
At 31 March 2024
962,717
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Retirement benefit schemes
(Continued)
- 20 -
The actual return on plan assets was £46,743 (2023 - £30,876).
15
Revaluation reserve
The revaluation reserve of £250,000 included in the balance sheet represents the revaluation of an interest at Huntly Caravan Park when the carrying value of £nil was revalued on 21 June 2023 on a market value basis.
16
Capital grants
Capital grants relate to amonts received from various fiscal authorities for development projects, to be released against future spending and depreciation of related assets
Capital Grants
Grants received
Grants released
Capital Grants
31 March 2023
during the year
during the year
31 March 2024
£
£
£
£
Thainstone Business Centre
84,458
-
(14,858)
69,600
Ellon Business Centre
42,315
-
(2,469)
39,846
CRF Grant
20,664
-
(11,925)
8,739
Digital Boost Grant
4,613
-
(4,613)
-
152,050
-
(33,865)
118,185
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
90,827
541,934
Between two and five years
164,844
164,844
In over five years
247,266
288,477
502,937
995,255
18
Financial commitments, guarantees and contingent liabilities
The company has provided a cross guarantee to Bank of Scotland in respect of a loan taken by Ellon Development Company Limited, a wholly owned subsidiary undertaking. At 31 March 2024, the balance outstanding on the loan, which has been secured over the leasehold interest in the Crichiebank Business Centre was £139,485 (2023 - £179,351).
ENTERPRISE NORTH EAST TRUST LIMITED T/A ELEVATOR
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
19
Contingent liability
The company leases a number of properties for its operations, the largest of which ended on 14 October 2023. The company is in discussions with the Landlord in relation to the potential liability due. The Company has not recognised a provision in respect of these dilapidations as the amount has yet to be agreed and to disclose the potential amounts involved could be expected to seriously prejudice the position of the company in its discussions with other parties on the subject matter.
20
Related party transactions
During the year the company charged Ellon Development Company Limited £27,000 (2023 - £27,000) in respect of the sub-lease of Ellon Business Centre and recharged specific identifiable costs of £98,619 (2023 - £198,099). During the year Ellon Development Company Limited charged the company £18,227 (2023 - £18,227) for the sub-lease of Crichiebank Business Centre. No interest was charged on intercompany balances throughout the year (2023 - £nil). At the year end, the company recognised a debtor of £615,520 (2023 - £554,239) which includes a total impairment to date of £509,014. This reflects the uncertainty which exists over the recoverability of the full amount due.
During the year the company purchased services amounting to £nil (2023 - £1,000) from Tiger Industries Limited with no balance (2023 - £nil) outstanding at the end of the year. Brian Williamson, a director of the company, is a director of Tiger Industries Limited.
During the year the company purchased services amounting to £nil (2023 - £2,400) from Castlebank & Coll Limited with no balance (2023 - £nil) outstanding at the end of the year. Sandy Kennedy, a director of the company, is a director of Castlebank & Coll Limited.
During the year the company made a donation of £nil (2023 - £16,000) to The Elevator Foundation. Andrew Campbell, Susan Dowds, Gary McEwan and Rachel Ross directors of the company are all directors of The Elevator Foundation.
During the year the company incurred redundancy costs for a director within other staff costs totalling £20,384.
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