Warrington 2000+ - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01880800 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Warrington 2000+

(Limited By Guarantee)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N R Schofield

Councillor R L Bowden

Cllr C L Mitchell

S J Fitzsimons

REGISTERED OFFICE:

The International Business Centre

Delta Crescent

Westbrook

Warrington

Cheshire

WA5 7WQ

REGISTERED NUMBER:

01880800 (England and Wales)

ACCOUNTANTS:

Voisey & Co LLP

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Tangible assets

4

11,974

14,219

Investments

5

-

1

Investment property

6

2,185,000

2,185,000

2,196,974

2,199,220

CURRENT ASSETS

Debtors

7

26,696

40,229

Cash at bank

755,837

750,741

782,533

790,970

CREDITORS

Amounts falling due within one year

8

(212,703

)

(245,505

)

NET CURRENT ASSETS

569,830

545,465

TOTAL ASSETS LESS CURRENT LIABILITIES

2,766,804

2,744,685

CREDITORS

Amounts falling due after more than one year

9

-

(1,105,331

)

PROVISIONS FOR LIABILITIES

(125,236

)

(125,236

)

NET ASSETS

2,641,568

1,514,118

RESERVES

Other reserves

10

2

2

Income and expenditure account

10

2,641,566

1,514,116

2,641,568

1,514,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 7 December 2021 and were signed on its behalf by:

N R Schofield - Director

1.	STATUTORY INFORMATION

Warrington 2000+ 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 that 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Changes in accounting policies

The directors have considered the disclosure and treatment of the grants received in respect of the original acquisition of the IBC and Expidia buildings within the balance sheet. Following the review the grants received have been reanalysed from provision for liabilities to grants received as disclosed in note 8 to the financial statements. There has been no profit & loss effect as a result of the adjustment.

Revenue recognition

Revenue is measured as the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services provided including rental income on properties in the normal course of business net of value added tax.

Interest income is recognised on an accruals basis.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Encounter Sculpture

-

10% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is valued at its fair value.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Grants

Grants and other contributions received towards the cost of tangible fixed assets are included in provisions for liabilites as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Encounter

Computer

machinery

fittings

Sculpture

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

36,518

11,321

155,020

8,785

211,644

DEPRECIATION

At 1 April 2020

22,299

11,321

155,020

8,785

197,425

Charge for year

2,245

-

-

-

2,245

At 31 March 2021

24,544

11,321

155,020

8,785

199,670

NET BOOK VALUE

At 31 March 2021

11,974

-

-

-

11,974

At 31 March 2020

14,219

-

-

-

14,219

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

1

Disposals

(1

)

At 31 March 2021

-

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Warrington 2000 (Regeneration) Ltd

Registered office: United Kingdom

Nature of business: Dissolved 16/03/21

%

Class of shares:

holding

Ordinary

100.00

31.3.21

31.3.20

£

£

Aggregate capital and reserves

-

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

2,185,000

NET BOOK VALUE

At 31 March 2021

2,185,000

At 31 March 2020

2,185,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2011

2,185,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

15,389

27,860

Prepayments and accrued income

11,307

12,369

26,696

40,229

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

4,098

513

VAT

81

1,300

Other creditors

182,277

183,703

Accrued expenses

26,247

33,921

Deferred government grants

-

26,068

212,703

245,505

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Under the "Invest in Success" scheme the Commission for New Towns awarded 2.38 acres of land to Warrington 2000+ Limited for the development of an International Business Centre. Under a modified bid the Commission for New Towns agreed to a reduced sized International Business Centre of 12,400 sq ft to be financed by the sale to a developer of 1.89 acres of the original 2.38 acres awarded. The sale proceeds of £630,000 have been shown as deferred government grants and is being amortised over a period of fifty years. The Commission for New Towns closed in March 1998.The loan has been fully amortised in the year.

Funding has also been secured from Government Office Northwest in the for of a grant of £179,936. This is also shown as deferred government grants and is being amortised over a period of twenty years.The Government Office Northwest closed March 2011. The loan was amortised fully in the current year.

A grant has also been secured from Homes & Communities Agency, formerly Northwest Development Agency, in respect of the property accommodating the Incubator Units. This is also shown as deferred government grant and is being amortised over fifty years for the proportion relating to the building. The loan has been fully amortised in the year.

10.

RESERVES

Income

and

expenditure

Other

account

reserves

Totals

£

£

£

At 1 April 2020

1,514,116

2

1,514,118

Surplus for the year

1,127,450

1,127,450

At 31 March 2021

2,641,566

2

2,641,568

11.

MEMBERS

The Articles require that there are 4 members of the company, which was complied with in the year.