REGISTERED NUMBER: 02457862 (England and Wales)

NEW FOREST ENTERPRISE CENTRE LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N J Chase

P D Cliffe-Roberts

D N Ferrier

Cllr. J D Heron

J R Hill

Cllr. D B Tipp

REGISTERED OFFICE:

Rushington Business Park

Chapel Lane

Totton

Southampton

Hampshire

SO40 9LA

REGISTERED NUMBER:

02457862 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

FIXED ASSETS

Tangible assets

4

1,144,878

1,231,406

CURRENT ASSETS

Debtors

5

82,202

62,094

Cash at bank and in hand

420,284

605,871

502,486

667,965

CREDITORS

Amounts falling due within one year

6

238,767

370,634

NET CURRENT ASSETS

263,719

297,331

TOTAL ASSETS LESS CURRENT LIABILITIES

1,408,597

1,528,737

CREDITORS

Amounts falling due after more than one year

7

(26,774

)

(29,618

)

PROVISIONS FOR LIABILITIES

(11,968

)

(21,013

)

NET ASSETS

1,369,855

1,478,106

RESERVES

Retained earnings

1,369,855

1,478,106

1,369,855

1,478,106

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 4 September 2025 and were signed on its behalf by:

N J Chase - Director

1.	COMPANY INFORMATION

New Forest Enterprise Centre Ltd was incorporated on 9 January 1990 under the Companies Act 1985 as a private company limited by guarantee and is registered in England and Wales. The address of its registered office is New Forest Enterprise Centre, Rushington Business Park, Chapel Lane, Totton, Southampton, Hampshire, SO40 9LA.

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.

The financial statements have been prepared on the going concern basis.

The presentation currency is £ sterling.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capital expenditure

The directors assess the expenditure on capital assets as to whether it is capital in nature, or is a repair of an existing item. Capital items are included within fixed assets and depreciated over their estimated useful lives. Repair costs are written off to the Income Statement.

Turnover

Turnover represents rents receivable, service charges and utility re-charges, and is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided to write off the cost, less estimated residual values of all tangible fixed assets, evenly over their expected useful lives. It is calculated at the following rates:

Leasehold land and buildings

- over the life of the building which is considered to be 50 years

Plant and machinery

- 15% to 33% on cost

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted prospectively.

At the end of each reporting period, the company reviews the carrying amount of its tangible fixed 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.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Financial instruments

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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.

Pension costs

The company operates a defined contribution pension scheme. Contributions are charged in the Income Statement as they become payable in accordance with the rules of the scheme.

Government grants

Government grants are recognised at the fair value of the asset received. The accrual model has been applied and grants relating to assets are recognised in the Income Statement on a systematic basis over the expected useful life of the asset.

Leasing commitments

Rentals payable under operating leases, including any lease incentives received, are charged to the Income Statement on a straight line basis over the lease term.

Capital and revenue expenditure

Management determine whether to capitalise expenditure depending on the nature and type of the expense in accordance with FRS 102. Any expenditure which is not capitalised is expensed to the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2024

3,023,142

121,519

3,144,661

Additions

-

2,535

2,535

At 31 March 2025

3,023,142

124,054

3,147,196

DEPRECIATION

At 1 April 2024

1,848,546

64,709

1,913,255

Charge for year

73,399

15,664

89,063

At 31 March 2025

1,921,945

80,373

2,002,318

NET BOOK VALUE

At 31 March 2025

1,101,197

43,681

1,144,878

At 31 March 2024

1,174,596

56,810

1,231,406

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

34,474

24,114

Other debtors

47,728

37,980

82,202

62,094

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

50,000

200,000

Trade creditors

13,009

30,277

Social security and other taxes

3,252

1,755

VAT

-

30,279

Licensees deposits

67,207

64,527

Accruals and deferred income

105,299

43,796

238,767

370,634

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Accruals and deferred income

26,774

29,618

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

97,320

97,320

Between one and five years

389,280

389,280

In more than five years

10,802,520

10,899,840

11,289,120

11,386,440

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Richards (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

10.	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.