REGISTERED NUMBER: 11766448 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Swindon and Wiltshire Local Enterprise

Partnership Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R J Clewer

K A Davis

R J G Bowen

V R Moloney

REGISTERED OFFICE:

Unit 7 Greenways Business Park

Bellinger Close

Chippenham

Wiltshire

SN15 1BN

REGISTERED NUMBER:

11766448 (England and Wales)

FIXED ASSETS

Intangible assets

4

50,498

63,123

Tangible assets

5

1,692,131

2,320,363

1,742,629

2,383,486

CURRENT ASSETS

Debtors

6

407,236

11,014,963

Cash at bank

795,846

785,894

1,203,082

11,800,857

CREDITORS

Amounts falling due within one year

7

509,464

2,996,309

NET CURRENT ASSETS

693,618

8,804,548

TOTAL ASSETS LESS CURRENT LIABILITIES

2,436,247

11,188,034

CREDITORS

Amounts falling due after more than one year

8

-

7,782,763

NET ASSETS

2,436,247

3,405,271

RESERVES

Income and expenditure account

2,436,247

3,405,271

2,436,247

3,405,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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 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 5 December 2025 and were signed on its behalf by:

V R Moloney - Director

1.	STATUTORY INFORMATION

Swindon and Wiltshire Local Enterprise Partnership Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Grant and other operational income

Grant and operational income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The government grant model policy choice is made on a class by class basis.

Revenue from government grants relating commercial operations, excluding capital grants, is recognised under the accruals model. Revenue is recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Revenue from government grants for non-commercial operations, both capital and revenue, and commercial capital grants is recognised under the performance model. Revenue is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Interest income from loans is recognised in the Income Statement using the accruals method.

The Company has historically awarded and administered significant capital grants. Its Accountable Body holds the funding in a ring-fenced account on behalf of the company, and it issues payments and receives interest and capital repayments into this ring-fenced account as per the Accountable Body Agreement between SWLEP, Swindon Borough Council and Wiltshire Council. Wiltshire Council is the accountable body for SWLEP and holds ultimate control in terms of the flow of transactions. As a result the income, expenditure and associated balances are not shown in these financial statements.

Intangible assets

Intangible assets are initially measures at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised over the estimated useful life of 7 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Buildings

- Straight line over 7 years

Fixtures and fittings

- Straight line over 4 years

Computer equipment

- Straight line over 3 years and 5 years

Catering equipment

- Straight line over 4 years

Repairs and maintenance costs are expensed as incurred.

Taxation

The Partnership meets the definition of a Local Enterprise Agency and is only taxable on investment income, and trading profits. Other contributions to their activities are generally exempt from corporation tax

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Where fee or rental income is received or receivable in advance of the period to which it relates, its recognition is deferred and included in creditors as deferred income.

Pension costs and other post-retirement benefits

For part of the year the company operated 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.

In addition, employees were TUPE across from the local council who are in a pass through arrangement with Wiltshire Council, which has been treated as defined contribution.

A contingent liability would be recognised in respect of these employees for any redundancy payments due in regards to the pass through pension agreement.

By 31 March 2025, all staff were TUPE back to the local Council. The Company no longer runs a separate payroll.

Debtors

Short term debtors are initially measured at transaction price and are subsequently carried at amortised cost.

In prior years, other debtors represented loans made by the company to local businesses from funds held and controlled by Wiltshire Council. The loans are in the name of the Company, but repaid capital is held and controlled by the Local Authority. A corresponding creditor balance is shown in the financial statements as the loan balances are ultimately returned to the control of the Council as capital is repaid.

By 31 March 2025, all but five loans outstanding had been novated in the name of the local Council. Two of the outstanding loans were to Companies in administration, with the remaining three loans novation outstanding at the date of the Directors' report.

Creditors

Short term creditors are measured at the transaction price.

In prior years, other creditors represented amounts due back to Wiltshire Council when loans are repaid to the LEP and a corresponding debtor is included in the financial statements for the amounts receivable in loans.

Going concern

The transfer of Local Enterprise responsibilities to upper tier local authorities was agreed by end of March 2024. Following 2024-25 year end the responsibility for SWLEP's core government funded programmes were transferred to Wiltshire Council and a new CEO was appointed in June 2024 replacing the acting CEO. SWLEP's private company business, assets, contracts and financial resources, which relate to the operation of the BCC and associated activities, remain with the limited company.

The directors have reviewed the cashflow projections of the company and consider the company will be a going concern for a period of 12 months from the date of approval of these financial statements, hence the going concern basis for the preparation of the financial statements is considered to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Intangible

£

COST

At 1 April 2024

and 31 March 2025

88,371

AMORTISATION

At 1 April 2024

25,248

Amortisation for year

12,625

At 31 March 2025

37,873

NET BOOK VALUE

At 31 March 2025

50,498

At 31 March 2024

63,123

5.	TANGIBLE FIXED ASSETS

Fixtures

Catering

and

Computer

Buildings

equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

2,708,344

7,910

487,479

398,189

3,601,922

Additions

-

-

5,094

-

5,094

At 31 March 2025

2,708,344

7,910

492,573

398,189

3,607,016

DEPRECIATION

At 1 April 2024

772,594

3,955

233,523

271,487

1,281,559

Charge for year

386,906

1,977

123,143

121,300

633,326

At 31 March 2025

1,159,500

5,932

356,666

392,787

1,914,885

NET BOOK VALUE

At 31 March 2025

1,548,844

1,978

135,907

5,402

1,692,131

At 31 March 2024

1,935,750

3,955

253,956

126,702

2,320,363

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

146,787

86,425

Other debtors

36

2,755,084

VAT

27,646

85,199

Prepayments and accrued income

232,767

305,492

407,236

3,232,200

Amounts falling due after more than one year:

Other debtors

-

7,782,763

Aggregate amounts

407,236

11,014,963

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

326,359

58,074

Tax

-

82

Social security and other taxes

(14,157

)

1,912

Other creditors

101,355

2,861,415

Accruals and deferred income

95,907

74,826

509,464

2,996,309

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

-

7,782,763

9.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

172,388

172,388

Between one and five years

689,550

689,550

In more than five years

-

172,388

861,938

1,034,326

An initial rent free period from 30 September 2021 to 31 March 2022 along with two further rent free periods of 30 September 2024 to 30 January 2025 and 30 September 2026 to 30 July 2027. The payments are being accounted for so as to spread the cost of this rent free period over the whole period.The date of expiry of the lease is March 2030.

10.	RELATED PARTY DISCLOSURES