Croydon Enterprise Agency Ltd - Period Ending 2021-04-30

Croydon Enterprise Agency Ltd

Contents

Company Information	1
Abridged Statement of Financial Position	2
Notes to the Abridged Financial Statements	3 to 6

Croydon Enterprise Agency Ltd

Company Information

Directors

F C O'Toole P A Taylor Mrs S Saunders

Registered office

Weatherill House New South Quarter 23 Whitestone Way Croydon CR0 4WF

Auditors

DSK Partners LLP Chartered Accountants and Statutory Auditors 75 Park Lane Croydon CR9 1XS

Croydon Enterprise Agency Ltd

(Registration number: 06289781)
Abridged Statement of Financial Position as at 30 April 2021

	Note	2021 £	(As restated) 2020 £
Fixed assets
Tangible assets	4	97,089	128,783
Current assets
Debtors		8,405	7,949
Cash at bank and in hand		85,328	98,374
		93,733	106,323
Prepayments and accrued income		15,094	13,821
Creditors: Amounts falling due within one year		(116,529)	(141,465)
Net current liabilities		(7,702)	(21,321)
Total assets less current liabilities		89,387	107,462
Accruals and deferred income		(4,838)	(3,826)
Net assets		84,549	103,636
Capital and reserves
Called up share capital		25	25
Profit and loss account		84,524	103,611
Shareholders' funds		84,549	103,636

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 November 2021 and signed on its behalf by:
 

F C O'Toole Director

Croydon Enterprise Agency Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Weatherill House
New South Quarter
23 Whitestone Way
Croydon
CR0 4WF

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

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Sponsorship income

Sponsorship income is credited to the income and expenditure account on a receivable basis.

Croydon Enterprise Agency Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2021 (continued)

2	Accounting policies (continued)

Going concern

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. In the UK this began on 23rd March 2020 and carried well into 2021. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic conditions. The company is likely to be affected in the form of loss of income, however it will benefit from savings in costs and therefore this will not significantly impact the entity's financial position.

The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, still remains unclear at this time. It is not yet possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods.

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Croydon Enterprise Agency Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2021 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% pa on a reducing balance basis
Short leasehold	Straight line basis over the life of the lease
Plant and machinery	25% pa on a reducing balance basis
Computer equipment	33% pa on a straight line basis

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

Staff costs are recharged from the controlling party, Croydon Business Venture Limited. Croydon Enterprise Agency does not employ any staff.

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2020	202,925	312,141	515,066
Additions	-	2,302	2,302
At 30 April 2021	202,925	314,443	517,368
Depreciation
At 1 May 2020	128,949	257,334	386,283
Charge for the year	19,985	14,011	33,996
At 30 April 2021	148,934	271,345	420,279
Carrying amount
At 30 April 2021	53,991	43,098	97,089
At 30 April 2020	73,975	54,808	128,783

Croydon Enterprise Agency Ltd

Notes to the Abridged Financial Statements for the Year Ended 30 April 2021 (continued)

5	Disclosure under section 444(5B) of the Companies Act 2006

The Independent Auditor's Report was unqualified. In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the entity's ability to continue as a going concern.

The entity is entitled to the reliefs provided by the Government as a response to the unprecedented COVID-19 lockdown in the United Kingdom. These conditions, along with other matters explained in note 2 to the financial statements, may cast significant doubt on the entity'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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the limited company's ability to continue to adopt the going concern basis of accounting included reviewing cash flows and considering the general state of the economy and the entity's business.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. The name of the Senior Statutory Auditor who signed the audit report on 11 November 2021 was Romit Basu (FCA), who signed for and on behalf of DSK Partners LLP.

.........................................

6	Ultimate parent company

The ultimate parent company is Croydon Business Venture Limited, a company registered in Great Britain. The parent undertaking registered office is Weatherhill House, New South Quarter, 23 Whitestone Way, Croydon, Surrey CR0 4WF.

The consolidated financial statements for the group are available to the public and may be obtained from Companies House (England and Wales) as well as from the address of the parent undertaking above.

Ultimate controlling party
No individual or group of individuals acting together control 50% or more of the company or its ultimate parent undertaking.