REGISTERED NUMBER: 10669159 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Wakefield BID Ltd

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Harvey

Mr N J Tennant

Mr M P Graham

Mr A Brooks

Mrs J C Howden

Mr C Higgins

Mrs L Milburn

Ms D Griffiths

J A White

REGISTERED OFFICE:

19 King Street

The Civic Quarter

Wakefield

West Yorkshire

WF1 2SQ

REGISTERED NUMBER:

10669159 (England and Wales)

ACCOUNTANTS:

The Sanders Partnership

Chartered Accountants

19 King Street

The Civic Quarter

Wakefield

West Yorkshire

WF1 2SQ

FIXED ASSETS

Tangible assets

4

18,401

6,568

CURRENT ASSETS

Debtors

5

15,983

6,596

Cash at bank

152,069

133,837

168,052

140,433

CREDITORS

Amounts falling due within one year

6

25,632

5,731

NET CURRENT ASSETS

142,420

134,702

TOTAL ASSETS LESS CURRENT LIABILITIES

160,821

141,270

RESERVES

Income and expenditure account

160,821

141,270

160,821

141,270

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 8 July 2025 and were signed on its behalf by:

Mr A Brooks - Director

Retained

Total

earnings

equity

£

£

Balance at 1 April 2023

229,462

229,462

Changes in equity

Total comprehensive income

(88,192

)

(88,192

)

Balance at 31 March 2024

141,270

141,270

Changes in equity

Total comprehensive income

19,551

19,551

Balance at 31 March 2025

160,821

160,821

1.	STATUTORY INFORMATION

Wakefield BID 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 principal activity of the company is to bring new investment into Wakefield city centre, driven by the core needs of the business community.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

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.

Going concern

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

Turnover

Levy income comprises a set percentage of business rates receivable from businesses in the BID area, exclusive of VAT.

Other income is included in the income and expenditure account on a receivable basis for funded programmes and on an accruals basis in respect of projects not completed at the end of the financial year.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Project equipment

-

20% on cost

Computer equipment

-

25% on cost

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 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 and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Company status

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Project

Computer

property

equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2024

-

14,650

1,416

16,066

Additions

8,000

5,960

2,149

16,109

At 31 March 2025

8,000

20,610

3,565

32,175

DEPRECIATION

At 1 April 2024

-

8,790

708

9,498

Charge for year

467

3,129

680

4,276

At 31 March 2025

467

11,919

1,388

13,774

NET BOOK VALUE

At 31 March 2025

7,533

8,691

2,177

18,401

At 31 March 2024

-

5,860

708

6,568

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

6,197

4,952

VAT

-

1,644

Prepayments and accrued income

9,786

-

15,983

6,596

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

737

206

Social security and other taxes

2,847

977

VAT

2,586

-

Pension contributions

484

229

Accrued expenses

2,311

4,319

Deferred government grants

16,667

-

25,632

5,731

7.	RELATED PARTY DISCLOSURES