REGISTERED NUMBER: 10888081 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CSC FOUNDRY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A D Barry

R G Clark

K E Poole

D P Griffiths

Z Shell

D J Davies

J Pritchard

P Griffiths

J C Morgan

N Thomas

REGISTERED OFFICE:

Rooms 6.12 and 6.17

Sbarc/Spark

Maindy Road

Cardiff

CF24 4HQ

REGISTERED NUMBER:

10888081 (England and Wales)

AUDITORS:

Baker Knoyle Audit Limited

Chartered Certified Accountants

Orbit Business Centre

Rhydycar Business Park

Merthyr Tydfil

CF48 1DL

FIXED ASSETS

Investment property

4

23,570,000

24,880,000

CURRENT ASSETS

Debtors

5

11,440,489

12,991,210

Cash at bank

3,426,205

3,286,851

14,866,694

16,278,061

CREDITORS

Amounts falling due within one year

6

5,741,213

5,615,838

NET CURRENT ASSETS

9,125,481

10,662,223

TOTAL ASSETS LESS CURRENT LIABILITIES

32,695,481

35,542,223

CREDITORS

Amounts falling due after more than one year

7

(21,634,675

)

(26,169,756

)

PROVISIONS FOR LIABILITIES

9

(4,043,181

)

(3,511,293

)

NET ASSETS

7,017,625

5,861,174

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

10

7,017,615

5,861,164

7,017,625

5,861,174

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 20 November 2025 and were signed on its behalf by:

D J Davies - Director

1.	STATUTORY INFORMATION

CSC Foundry Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Rental income is recognised in Profit and Loss on a straight line basis over the lease term.

Lease incentives are recognised as a reduction to the income recognised over the lease term on a straight line basis.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern

The financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

24,880,000

Additions

61,699

Revaluations

(1,371,699

)

At 31 March 2025

23,570,000

NET BOOK VALUE

At 31 March 2025

23,570,000

At 31 March 2024

24,880,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2020

611,518

Valuation in 2021

(7,550,589

)

Valuation in 2022

(50,000

)

Valuation in 2023

(2,349,800

)

Valuation in 2024

(1,720,200

)

Valuation in 2025

(1,310,000

)

Cost

35,939,071

23,570,000

Investment property held at the balance sheet date is valued on the basis of Fair Value as defined by FRS102 section 16.

The property was valued at fair value at the balance sheet date, by the independent external valuers, Jones Lang LaSalle Ltd. The valuation was subject to the existing tenancy at the balance sheet date.

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

1,348,689

1,385,683

Other debtors

3,143

2,813

1,351,832

1,388,496

Amounts falling due after more than one year:

Other debtors

10,088,657

11,602,714

Aggregate amounts

11,440,489

12,991,210

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

5,741,213

5,615,838

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

21,634,675

26,169,756

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Other loans

24,468,297

28,898,456

The Cardiff Capital Region City Deal loan is secured on the property known as P & T Building, Celtic Way, Celtic Lakes, Newport, NP10 8BE.

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

4,043,181

3,511,293

Deferred

tax

£

Balance at 1 April 2024

3,511,293

Adjustment of revaluation

531,888

Balance at 31 March 2025

4,043,181

10.

RESERVES

Retained

earnings

£

At 1 April 2024

5,861,164

Profit for the year

1,156,451

At 31 March 2025

7,017,615

Included within reserves is a deficit of £12,369,071 (2024 £11,059,071) as a result of the revaluation of the investment property.

A deferred tax debtor of £2,397,014 (2024 £2,136,391) has been recognised as a result of this revaluation.

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

The Report of the Auditors was unqualified.

Richard Phillips FCCA (Senior Statutory Auditor)

for and on behalf of Baker Knoyle Audit Limited

12.	CAPITAL COMMITMENTS

CSC Foundry Ltd is committed to investment totalling £37.9m on the project at the property known as P & T Building, Celtic Way, Celtic Lakes, Newport, NP10 8BE. Further expenditure may be made post year end, but the total expenditure will not exceed the agreed total of £37.9m.

13.	RELATED PARTY DISCLOSURES

During the financial year, CSC Foundry Ltd had 10 directors, each of whom represented a Local Authority which forms part of the South East Wales Corporate Joint Committee.

CSC Foundry Ltd has received an interest free loan of £24,468,296 (2024 £28,898,454) by way of partner authority contributions related to the South East Wales Corporate Joint Committee.

The Company has used the services of a Project Manager from the South East Wales Corporate Joint Committee, and uses Monmouthshire County Council to assist in its financial administration under a Service Level Agreement.

Payments for services to Cardiff County Council during the period amounted to £nil (2024 £15,569).

Payments to Monmouthshire County Council during the period amounted to £17,325 (2024 £16,500).

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by its board of directors, each of who represent a Local Authority which forms part of the South East Wales Corporate Joint Committee.