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Registered number: 02074331
CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02074331
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Income and expenditure account
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02074331
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with 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 22 December 2025.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cardiff Business Technology Centre Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number is 02074331 and registered office address is Senghennydd Road, Cathays, Cardiff, South Glamorgan, CF24 4AY.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 (see note 3).
The following principal accounting policies have been applied:
The directors have assessed the statement of financial position and likely future cashflows of the company at the date of approving the financial statements and believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The turnover, which arises in the United Kingdom, is attributable to the company's principal activity. Turnover represents amounts derived from rental income
Revenue is recognised evenly over the period to which it relates.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
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.
Depreciation is provided on the following basis:
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.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company's leasehold land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties for which fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve.
The company operates a defined benefit pension scheme which is administered by Cardiff Council. The company accounts for its share of the surplus or deficit and administration costs of this scheme.
The level of contributions made to the scheme and the cost of contributions included in the financial statements are based on the recommendations of independent actuaries.
The scheme assets are an estimate of the company's notional share of the total fund assets measured at market value at each statement of financial position date and liabilities are measured using the projected unit method, discounted using a corporate bond rate. The company's notional share of assets is assumed to be invested in the same proportion as the fund as a whole in the different asset classes. The resulting pension scheme surplus or deficit is recognised immediately on the statement of financial position, net of deferred tax where applicable, and any resulting actuarial gains and losses are recognised immediately in other comprehensive income.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Recoverability of related party debtors
The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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The company's leasehold property is treated as an investment property.
The long leasehold property was valued by the directors at £420,000 as at 31 March 2025, with reference to an independent valuation by Cooke & Arkwright Chartered Surveyors as at 31 March 2016. The valuation was carried out by Elizabeth Hill BSc MRICS. Market value is considered to be the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction.
The above is the open market valuation on the basis of existing use.
The historical cost of the investment property at the balance sheet date was £179,660 (2024- £179,660).
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Amounts owed by group undertakings
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The amounts recognised in the statement of financial position are as follows:
Net surplus not recognised as at 31 March 2025, £755,000 (2024 - £577,000), being Fair value of assets £1,585,000 (2024 - £1,516,000). less Present value of scheme liabilities £830,000 (2024 - £939,000).
The surplus in the defined benefit pension plan as at 31 March 2025 (31 March 2024) was not recognised as there was insufficient evidence at the date of signing the 2025 financial statements that the entity could gain economic benefit from the asset and that the amounts at the statement of financial position date of £755,000 (2024- £577,000) were recoverable. Accordingly £nil deferred tax liability was provided in respect of the pension asset as at 31 March 2025 (£nil as at 31 March 2024).
The company has no share capital. The members of the company have given a commitment that, in the event of the company being wound up and unable to meet its debts in full, each member would contribute up to £10.
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CARDIFF BUSINESS TECHNOLOGY CENTRE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Related party transactions
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During the year, the company made management fees recharges of £96,521 (2024 £54,840) and miscellaneous recharges of £5 (2024 £2,572) to CBTC2, a business of which the company is the managing agent and which is under common control. At the year-end, £7 (2024 £3,070), was owed by CBTC2, the balance is interest-free and is repayable on demand.
Amounts owed by group undertakings of £10,851 (2024 £10,851) are due from Cardiff Council and are repayable on demand.
£48,950 (2024 £40,929) owed by Cardiff Council at the Statement of Financial Position date has been reclassified from trade debtors and has been paid in full subsequent to the year-end. These amounts are including VAT.
During the year ended 31 March 2025 the company made recharges to Cardiff Council. Included in this balance were management fees amounting to £61,500 (2024 £56,500).
£Nil (2024 - £Nil) management fees were paid to Cardiff Council during the year.
At the year-end other creditors include a current account balance owed to Cardiff Council totalling £13,002 (2024 £12,995), and monies received from Cardiff Council in respect of a Business Enterprise Investment Fund £6,960 (2024 £6,960). Amounts owing to Cardiff Council are interest-free and repayable on demand.
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The company's ultimate controlling party is Cardiff Council. Cardiff Council heads the largest and smallest group of undertakings of which the company is a member and for which group financial statements are prepared.
The address of Cardiff Council is City Hall, Atlantic Wharf, Cardiff, CF10 4UW.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 24 December 2025 by James Dobson BSc (Hons) FCA (Senior Statutory Auditor) on behalf of MHA.
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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