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Registered number: 10515074
ASPIRE (CRP) LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Independent Auditor's Report
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Statement of Profit and Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The principal activity of the company is the ownership of a 50% share in Joint Venture 'Chesterford Park Limited Partnership'. The JV owns a property, Chesterford Research Park.
The company was formed as a private company limited by shares incorporated in England and Wales under the Companies Act 2006 on 7 December 2016. On 3 May 2017, Uttlesford District Council loaned Aspire (CRP) Limited the sum of £47.3m to enable it to form Chesterford Park Limited Partnership with Aviva Life and Pensions UK Limited and for the new partnership to acquire the investment property at Chesterford Research Park, Little Chesterford, CB10 1XL.
Between 3 May 2017 and 31 March 2026 a further £39.74m has been invested by Aspire (CRP) Limited in development and refurbishment at Chesterford Research Park.
Of this sum, £8.342m was invested during the 2025/26 financial year, funded by additional loans from Uttlesford District Council, to support the ongoing business plan of developing Chesterford Research Park site and refitting existing buildings to encourage growth and re-lets.
The fair value of the investment has decreased by £8.071m. This is primarily as a result of the gradual slowdown in the life sciences sector, along with the high level of investment in Building 800, which was completed in January 2026, with as yet no rental income.
The loss for the year, after taxation, amounted to £5,938,000 (2025: £3,117,000).
The directors did not recommend the payment of dividends in the year (2025: £Nil).
The executive directors who served during the year, and up to the date of signing this report, were:
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Non-executive director who served during the year, and up to the date of signing this report, was:
A B Jones
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ASPIRE (CRP) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Directors' Responsibilities Statement
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 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 and profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙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 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.
Qualifying third party indemnity provisions
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The directors have professional indemnity insurance provided by the parent entity.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The terms of the loans from the parent entity, Uttlesford District Council, allow for the outstanding principal sum of £85.178m to be called upon within the next twelve months after the date of approval of the financial statements. The directors of the company do not have an enforceable right to defer this payment. Uttlesford District Council has provided the directors with a letter of comfort confirming that it does not intend to demand repayment of the loan principal within the going concern period, other than in the event that a sale of the company's interest in Chesterford Research Park is agreed on terms acceptable to the Council. UDC also confirm that should Aspire (CRP) Limited be unable to meet its annual loan interest repayment requirement, the Council would look to grant either a whole, or part year, pause in repayments and would look to extend the loan term by at least a matching period to compensate for the loss. In addition, on 27 February 2024, the directors of the company put the company’s commercial ownership share of Chesterford Research Park up for sale and there is uncertainty over the structure of the sale and potential plans of any prospective new owner. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
There are no significant future developments to disclose.
There has been no significant events affecting the company since the year end.
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ASPIRE (CRP) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Disclosure of information to auditor
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The directors confirm that:
∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and
∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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 and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE (CRP) LIMITED
We have audited the financial statements of Aspire (CRP) Limited (the 'company') for the year ended 31 March 2026, which comprise the Statement of Profit and Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 2026 and of its loss for the year then ended;
∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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 'Auditor's 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 UK, including the FRC'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.
Material uncertainty related to going concern
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We draw attention to note 2.2 in the financial statements, which indicates that on 27 February 2024, the directors of the company put the company's commercial ownership share of Chesterford Research Park up for sale and there is uncertainty over the structure of the sale and potential plans of any prospective new owner. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE (CRP) LIMITED (CONTINUED)
Our responsibilities
We are responsible for concluding 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 report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Directors Report and financial statements, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Directors Report and financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.
Opinions on other matters prescribed by the Companies Act 2006
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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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE (CRP) LIMITED (CONTINUED)
Matter on which we are required to report under the Companies Act 2006
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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.
Matters on which we are required to report by exception
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.
Responsibilities of directors
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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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE (CRP) LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
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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 Auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company. We concluded that there are certain significant laws and regulations, such as the Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and United Kingdom Corporation Tax legislation that may have an effect on the determination of the amounts and disclosures in the financial statements.
∙We understood how the entity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance matters.
∙We enquired with management and those charged with governance, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. We corroborated our enquiries through our review of board minutes.
∙We assessed the susceptibility of the company's financial statements to material misstatement, including incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls and risk of manipulation of accounting estimates. Audit procedures performed included:
−Identifying and assessing the design and implementation of controls that management has in place to prevent and detect fraud;
−Identifying and testing journal entries. Given the limited volume of transactions during the year, we addressed the risk of management override of controls through substantive testing of income, loans and expenses, supported by third-party evidence; and
−Challenging the assumptions and judgements made by management in its significant accounting estimates, including those relating to the valuation of the investment property held within the joint venture, and assessing whether these assumptions were reasonable and supported by available evidence.
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE (CRP) LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
∙The engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
−Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
−Knowledge of the industry in which the client operates; and
−Understanding of the legal and regulatory requirements specific to the company.
∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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 Auditor's 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.
Sally Harman
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Colchester
3 September 2026
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STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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Share of profits in joint venture
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Financing costs - Interest payable
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Tax on ordinary activities
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Loss for the year after taxation
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All amounts relate to continuing operations.
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There were no items of other comprehensive income in the current or prior year other than the loss for the year and, accordingly, no Statement of Other Comprehensive Income is presented.
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The notes on pages 12 to 22 form part of these financial statements.
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ASPIRE (CRP) LIMITED
REGISTERED NUMBER:10515074
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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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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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 were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 22 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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Comprehensive loss for the year
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Total comprehensive loss for the year
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Comprehensive loss for the year
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Total comprehensive loss for the year
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The notes on pages 12 to 22 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The financial statements contain information about Aspire (CRP) Limited as an individual company and do not contain consolidated group financial information. Aspire (CRP) Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 10515074, and its registered head office is located at Council Offices, London Road, Saffron Walden, United Kingdom, CB11 4ER.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 judgement in applying the company's accounting policies (see note 3).
The company's presentational and functional currency is Sterling and all values are rounded to the nearest thousand pounds (£000) except when otherwise stated.
The company is not VAT registered. Irrecoverable VAT is added to the cost of individual line items in the financial statements.
The following principal accounting policies have been applied:
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The terms of the loans from the parent entity, Uttlesford District Council, allow for the outstanding principal sum of £85.178m to be called upon within the next twelve months after the date of approval of the financial statements. The directors of the company do not have an enforceable right to defer this payment. Uttlesford District Council has provided the directors with a letter of comfort confirming that it does not intend to demand repayment of the loan principal within the going concern period, other than in the event that a sale of the company's interest in Chesterford Research Park is agreed on terms acceptable to the Council. UDC also confirm that should Aspire (CRP) Limited be unable to meet its annual loan interest repayment requirement, the Council would look to grant either a whole, or part year, pause in repayments and would look to extend the loan term by at least a matching period to compensate for the loss. In addition, on 27 February 2024, the directors of the company put the company’s commercial ownership share of Chesterford Research Park up for sale and there is uncertainty over the structure of the sale and potential plans of any prospective new owner. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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.
Investments in joint ventures are stated at Fair Value.
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Share of profits in joint ventures
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Share of profits is the net rent receivable from Chesterford Park Limited Partnership, a joint venture which is set up for the management of Chesterford Research Park and its associated rent owed to the company in accordance with the legal agreement.
Income and expenditure is accounted for in the year the activity takes place, not when cash payments are made or received. Where income and expenditure has been recognised but cash not paid or received, a debtor or creditor for the relevant amount is recorded in the Statement of Financial Position.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Provisions for liabilities
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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.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include other debtors and cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents and other debtors fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
Estimates
The investment is carried in the Statement of Financial Position at a fair value of £113.9m. The fair value is determined by reference to the net asset value of Chesterford Park Limited Partnership as at 31 March 2026, in which the Company holds an interest. The partnership's net asset value is principally derived from the fair value of its investment property and is therefore subject to market volatility and valuation uncertainty. The property valuation incorporates assumptions regarding market rents, yields and capital values. Further details of the valuation techniques and key assumptions are provided in Note 8.
Judgements
In applying the accounting policies the management is of the opinion that there are no other critical judgments involved that could have a significant effect on the financial statements.
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During the year, the company obtained the following services from the company's auditor:
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Fees payable to the company's auditor for the audit of the company's financial statements
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The company has no employees other than the directors, who did not receive any remuneration (2025: £Nil).
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Interest payable and similar expenses
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Interest on parent company loan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Current tax on loss for the year
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Origination and reversal of temporary differences
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Factors affecting tax charge for the year
The tax assessed for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK of 25% (2025:25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Adjustments to brought forward values
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Chargeable gains/(losses)
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Factors that may affect future tax charges
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Investment in joint venture
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If the investment were stated at historical cost basis rather than fair value the amounts would have been as follows:
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Liabilities
The fair value of the loan liability owed to the parent company Uttlesford District Council is included within current liabilities equal to the carrying value.
Valuation uncertainty
The fair value of the Company's investment in Chesterford Park Limited Partnership is determined by reference to the partnership's net asset value as at 31 March each year. The partnership's principal asset, the investment property at Chesterford Research Park, is valued annually by an independent professionally qualified valuer, CBRE Limited. The valuation is prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards. Details of the key assumptions applied in the valuation and the associated sources of estimation uncertainty are provided in Note 3, page 15.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Debtors: amounts falling due within one year
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Amounts due from related undertakings
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Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Loans from related undertakings
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Accrued interest on loans to related undertakings
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Interest on loans accrues at fixed rates between 4% and 7.5%. Loans from related undertakings are repayable on demand.
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Charged to profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
12.Deferred taxation (continued)
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The deferred taxation is made up as follows:
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Losses and other deductions
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Allotted, called up and fully paid
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1 (2025: 1) Ordinary share of £1.00
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There is a single class of Ordinary shares. There are no restrictions on dividends and the repayment of capital.
The company's capital and reserve is as follows:
Profit and loss account
Includes all current and prior periods retained profits & losses.
The business plan for Chesterford Research Park sets out the park's future development plans and the estimated future investments by the company, although there are no firm timescales for the funds to be drawn down. Therefore, no capital commitments are shown in the accounts for 2025/26 nor were there any shown in 2024/25.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Related party transactions
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Chesterford Park Limited Partnership
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Related party transactions
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Related parties transactions
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Uttlesford District Council
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Description of transactions
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Interest on loan provided
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Description of year end balances
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Related Parties Transactions
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Chesterford Park Limited Partnership
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Description of transactions
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Net share of profit/Net rental income
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Description of year end balances
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No advances, credits or guarantees were granted to directors during the year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There has been no significant events affecting the company since the year end.
The ultimate parent undertaking and controlling party is Uttlesford District Council.
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