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Registered number: NI614527 NORTH WEST REGIONAL SCIENCE PARK LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NORTH WEST REGIONAL SCIENCE PARK LIMITED COMPANY INFORMATION
Directors | E Graham (resigned 31 December 2024)
| S Orr
| G Kindlon
| N Crockett (appointed 1 January 2025)
| D Armstrong (appointed 1 March 2025)
Company secretary | D Stewart
Registered number | NI614527
Registered office | The Innovation Centre
| Queens Road
| Belfast
| Co. Antrim
| Northern Ireland
| BT3 9DT
Independent auditors | AAB Group Accountants Limited
| 1-3 Arthur Street
| Belfast
| Co. Antrim
| BT1 4GA
Bankers | Bank of Ireland
| 1 Donegall Square South
| Belfast
| Co. Antrim
| Northern Ireland
| BT1 5LR
Solicitors | Cleaver Fulton Rankin
| 50 Bedford Street
| Belfast
| Co. Antrim
| Northern Ireland
| BT2 7FW
NORTH WEST REGIONAL SCIENCE PARK LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Balance Sheet | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 16
NORTH WEST REGIONAL SCIENCE PARK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of North West Regional Science Park Limited is to manage the land and property assets of the Northern Ireland Science Park Foundation Limited in Derry/Londonderry, fulfilment of the Northern Ireland Science Park Foundation Limited's objectives and in accordance with the policies of Northern Ireland Science Park (Holdings) Limited. Northern Ireland Science Park Foundation Limited is the parent company of Northern Ireland Science Park (Holdings) Limited, which in turn is the parent company of Northern Ireland Science Park Property Limited and North West Regional Science Park Limited. The largest and smallest group in which the results of the Company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, incorporated in Northern Ireland whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. The consolidated financial statements of this group are available to the public and may be obtained from Companies House. Catalyst is the trading name of Northern Ireland Science Park Foundation Limited and subsidiary companies. The North West Regional Science Park bespoke building for knowledge economy tenants and stakeholders was completed in July 2014 and is operated as part of the North West Regional Science Park Project (a non-fiduciary partnership between Northern Ireland Science Park Foundation Limited, Letterkenny Institute of Technology and the North West Cross Border Group). The project was funded by the Special European Union Projects Body as part of its Interreg IV programme. This has extended the reach of Catalyst into Donegal and the rest of the Inter Region for the benefit of all its tenants and stakeholders.
Results and dividends
The loss for the year, after taxation, amounted to £77 k (2024 - loss £86 k). The directors are satisfied as the results of the company for the year are as expected. The directors do not recommend the payment of a dividend (2024: £Nil).
Directors
The directors who served during the year and up to the date of signing the financial statements were:
E Graham (resigned 31 December 2024)
S Orr
G Kindlon
N Crockett (appointed 1 January 2025)
D Armstrong (appointed 1 March 2025)
Political contributions
The Company has made no political donations or incurred any political expenditure during the year (2024: £Nil).
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
NORTH WEST REGIONAL SCIENCE PARK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditors
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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 to 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.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 24 September 2025 and signed on its behalf.
D Stewart Secretary | N Crockett Director
Page 2
NORTH WEST REGIONAL SCIENCE PARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WEST REGIONAL SCIENCE PARK LIMITED
Opinion
We have audited the financial statements of North West Regional Science Park Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of 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 2025 and of its loss 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.
Basis for opinion
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Conclusions relating to going concern
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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 3
NORTH WEST REGIONAL SCIENCE PARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WEST REGIONAL SCIENCE PARK LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
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. 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 directors' 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' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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. Page 4
NORTH WEST REGIONAL SCIENCE PARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WEST REGIONAL SCIENCE PARK LIMITED (CONTINUED)
Auditors' 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 Auditors' 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. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 5
NORTH WEST REGIONAL SCIENCE PARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH WEST REGIONAL SCIENCE PARK LIMITED (CONTINUED)
Use of our 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 Auditors' 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. Teresa Campbell (Senior Statutory Auditor) for and on behalf of AAB Group Accountants Limited Statutory Auditors 1-3 Arthur Street Belfast Co. Antrim BT1 4GA 24 September 2025 Page 6
NORTH WEST REGIONAL SCIENCE PARK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 3 | 556 | 451
Cost of sales |  | (226) | (222)
Gross profit |  | 330 | 229
Distribution costs |  | (286) | (281)
Administrative expenses |  | (392) | (388)
Other operating income |  | 281 | 339
Operating loss |  | (67) | (101)
Tax on loss | 6 | (10) | 15
Loss for the financial year |  | (77) | (86)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 10 to 16 form part of these financial statements.
Page 7
NORTH WEST REGIONAL SCIENCE PARK LIMITED REGISTERED NUMBER: NI614527 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 4,585 |  | 4,808
|  |  | 4,585 |  | 4,808
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 81 |  | 77 |
Cash at bank and in hand | 9 | 5 |  | 2 |
|  | 86 |  | 79 |
Creditors: amounts falling due within one year | 10 | (1,045) |  | (911) |
Net current liabilities |  |  | (959) |  | (832)
Total assets less current liabilities |  |  | 3,626 |  | 3,976
Creditors: amounts falling due after more than one year | 11 |  | (3,805) |  | (4,088)
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (11) |  | (1) |
|  |  | (11) |  | (1)
Net liabilities |  |  | (190) |  | (113)
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | (190) |  | (113)
|  |  | (190) |  | (113)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
N Crockett
Director
The notes on pages 10 to 16 form part of these financial statements. Page 8
NORTH WEST REGIONAL SCIENCE PARK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Profit and loss account | Total equity
| £000 | £000
At 1 April 2023 | (27) | (27)
Comprehensive income for the year |  |
Loss for the year | (86) | (86)
Total comprehensive income for the year | (86) | (86)
At 1 April 2024 | (113) | (113)
Comprehensive income for the year |  |
Loss for the year | (77) | (77)
Total comprehensive income for the year | (77) | (77)
At 31 March 2025 | (190) | (190)
| The notes on pages 10 to 16 form part of these financial statements.
Page 9
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
North West Regional Science Park Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Innovation Centre, Queens Road, Belfast, Antrim, Northern Ireland, BT3 9DT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
In carrying out their duties in respect of going concern, the Directors have carried out a review of the financial position of the company for a period of twelve months from the date of signing these financial statements. These have been based on a review of revenue and expenditure, considering specific business risks and the uncertainties brought about by the current economic environment. At the current time the company has sufficient financial support to meet its ongoing working capital requirements, due to the support provided by group companies and the cash in the group as a whole. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 10
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 4 - 5% straight line
|  |  |  | Plant and machinery | - | 33.3% straight line
|  |  |  | Fixtures and fittings | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 11
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Rent | 133 | 196
| Service charge | 77 | 67
| License income | 346 | 188
|  | 556 | 451
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 4 | 2
| Auditor's remuneration costs of £4k (2024: £2k) are included in the parent company financial statements, Northern Ireland Science Park (Holdings) Limited.
Page 12
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
6. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 10 | (15)
| Total deferred tax | 10 | (15)
| Tax on loss | 10 | (15)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (67) | (101)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (17) | (25)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (67) | (70)
| Capital allowances for year in excess of depreciation | 74 | 76
| Deferred tax | 10 | (15)
| Group relief | 10 | 19
| Total tax charge for the year | 10 | (15)
Page 13
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| At 1 April 2024 | 7,615 | 43 | 418 | 8,076
| Additions | 85 | - | 7 | 92
| At 31 March 2025 | 7,700 | 43 | 425 | 8,168
| Depreciation |  |  |  |
| At 1 April 2024 | 2,837 | 25 | 406 | 3,268
| Charge for the year on owned assets | 299 | 9 | 7 | 315
| At 31 March 2025 | 3,136 | 34 | 413 | 3,583
| Net book value |  |  |  |
| At 31 March 2025 | 4,564 | 9 | 12 | 4,585
| At 31 March 2024 | 4,778 | 17 | 13 | 4,808
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 19 | 16
| Other debtors | 3 | -
| Prepayments and accrued income | 59 | 61
|  | 81 | 77
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 5 | 2
|  | 5 | 2
Page 14
NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 55 | 23
| Amounts owed to group undertakings | 494 | 463
| Other taxation and social security | - | 12
| Accruals and deferred income | 213 | 130
| Government grants | 283 | 283
|  | 1,045 | 911
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Government grants received | 3,805 | 4,088
|  | 3,805 | 4,088
| The amortised grant amount expected to be released within one year is £283k (2024: £283k).
12. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | (1)
| Charged to profit or loss | (10)
| At end of year | (11)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (11) | (1)
|  | (11) | (1)
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NORTH WEST REGIONAL SCIENCE PARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary Shares share of £1.00 | - | -
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
14. | Contingent liabilities
The group of which this company is a member has granted fixed charges over its present and future freehold and leasehold property and on any rents receivable arising out of the lease of these properties and a floating charge over the undertaking, goodwill, property and assets both present and future in favour of the Department for the Economy and Belfast Harbour Commission in respect of all receipts of grant monies due or to become due under the terms of funding agreements. It has also given unlimited guarantee to repay all monies due on intra group receipts of capital grants under the funding agreements. At 31 March 2025 the group had received capital advances totalling £25m (2024: £25m).
15. | Related party transactions
| The Company is a wholly owned subsidiary of Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland, whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. Group financial statements for Northern Ireland Science Park Limited are prepared. The Company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with wholly owned subsidiaries of Northern Ireland Science Park Foundation Limited.
16. | Controlling party
The largest and smallest group in which the results of the company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT, which is considered the ultimate controlling party of the company. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
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