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Registered number: 01633258
NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Financial statements
Information for filing with the registrar
for the year ended 31 March 2023
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Registered number: 01633258
Consolidated balance sheet
as at 31 March 2023
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated 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 2 February 2024.
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L Connellan
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The notes on pages 5 to 21 form part of these financial statements.
Page 1
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Registered number: 01633258
Company balance sheet
as at 31 March 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated 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 2 February 2024.
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L Connellan
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The notes on pages 5 to 21 form part of these financial statements.
Page 2
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Consolidated statement of changes in equity
for the year ended 31 March 2023
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Equity attributable to owners of parent Company
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As Restated At 1 April 2021
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Comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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The notes on pages 5 to 21 form part of these financial statements.
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Page 3
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Company statement of changes in equity
for the year ended 31 March 2023
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As Restated at 1 April 2021
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 5 to 21 form part of these financial statements.
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Page 4
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
Norfolk and Waveney Enterprise Services is a private company limited by guarantee and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements and this is also the principal place of business. The company's registration number is 01633258. Norfolk and Waveney Enterprise Services and its 100% subsidiary are owned and managed as an informal 'Group' (the Quasi-Group) with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management Ltd (company registration number 04283234). The two parent companies in the Quasi-Group are both Limited by Guarantee and share the same Members. The Board of directors for all four companies in the Quasi-Group is identical.
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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The financial statements are presented in sterling which is the functional currency of the Company and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Exemption has been taken to exclude Enterprise for London Limited from the consolidated accounts on the basis that it is immaterial to the Group financial statements.
Page 5
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
In preparing the financial statements, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the Group. As disclosed in note 1, the Company and its subsidiary are part of a Quasi-Group with NBV Enterprise Solutions Limited (company registration number 01678839) and its 100% subsidiary NBV Property Management Ltd.
As disclosed in note 16 to the financial statements NWES Property Services Limited has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Group is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. As the clawback is discretionary any liability is only possible and therefore has not been provided for but disclosed in the financial statements, in line with financial reporting standards. The Directors have considered a range of scenarios in respect of this matter and are confident that this would not result in a material uncertainty in respect of the going concern of the Group.
As of 31 March 2023, the Company had net current liabilities and due to the current position on some projects within Norfolk and Waveney Enterprise Services Limited the Company may require financial support from its fellow group company to meet its liabilities as they fall due. This potential requirement has been modelled over the next twelve months and the Directors consider that the current levels of cash reserves within the Group should be adequate to cover the expected maximum requirement. NWES Property Services Limited has confirmed its willingness to support Nofolk and Waveney Enterprise Services Limited.
NWES Property Services Limited has also signified its willingness to provide financial support to a fellow Quasi-Group member, NBV Enterprise Solutions Limited to meet its liabilities as they fall due, and the cash forecasts and reserves are considered to be sufficient to enable that pledge to be honoured.
In the Directors’ opinion, the Group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Turnover principally consists of rental income, management charges and grant income.
Rental, contract and training course income and management charges are recognised on an accruals basis as to match the revenue earned to the period in which the services are provided.
Capital grant income is released in line with the terms and conditions of any grant or in the useful economic life of the asset to which the funding relates.
Revenue grants are recognised in the profit and loss so as to match them with the relevant expenditure for which they have been granted.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Page 6
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
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Leased assets: the Group as lessor
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Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
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Leased assets: the Group as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 7
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
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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 balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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 balance sheet 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 provided on the following basis:
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Short-term leasehold property
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straight line over the lease term
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Page 8
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. Where the Group's share of net liabilities in an associate exceeds the carrying value of its investment, the share of reported losses is not recognised.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
Page 9
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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The average monthly number of employees, including the directors, during the year was as follows:
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Trainers, advisors and centre coordinators
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Page 10
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Short-term leasehold property
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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Page 11
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Page 12
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Investments in subsidiary companies
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The Group has an interest in two thirds of the ordinary share capital of Enterprise for London Limited.
There is also a £1 investment in dormant company Cavendish Consortium Limited which has been provided against in the group and company accounts.
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Investments in subsidiary companies
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£1 of this relates to the 100% investment in ordinary shares of NWES Property Services Limited, the results of which are included in the Group financial statements.
The other £1 relates to the interest in two thirds of the ordinary share capital of Enterprise for London Limited. Exemption has been taken from including Enterprise for London Limited within these consolidated accounts on the grounds of immateriality which explains why the investment cost has not been eliminated.
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Page 13
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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The following were subsidiary undertakings of the Company:
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NWES Property Services Limited
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Rouen House, Rouen Road, Norwich, NR1 1RB
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Enterprise for London Limited
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Rouen House, Rouen Road, Norwich, NR1 1RB
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The final freehold property has been revalued in 2023 by the directors. In 2022 the property was formally valued by Brown & Co Estate Agents, but the valuation remains unchanged from the amount held in the prior year accounts. The valuations included within the accounts are the higher of either vacant possession or existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 14
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Included within group cash at bank and in hand are amounts of £256,076 (2022: £429,624) relating to monies administered by the client in respect of properties owned by third parties. An equal and opposite creditor is included within other creditors.
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Page 15
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.
Page 16
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The bank loans are secured by way of a debenture and first legal charge over all freehold investment property.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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The amounts held within bank loans are subject to interest at 3% above BOE base rate. Amounts held within other creditors were subject to interest at 5.25%.
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Page 17
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets that are debt instruments measured at amortised cost comprise trade debtors and amounts owed by group undertakings.
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Financial liabilities measured at amortised cost comprise trade creditors, bank loans, bank overdrafts, other loans and amounts owed to group undertakings.
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Page 18
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Profit and loss account
The profit and loss account represents cumulative profits and losses, net of dividends and unrealised investment property gains.
Held within this reserve are non-distributable investment property unrealised revaluation gains of £855,382.
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
Page 19
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
The Group has a guarantee relating to a performance bond with Harlow Council. The maximum value of the guarantee is £135,000 and no liability is expected to arise in respect of this.
The Group has a contingent liability in respect of a potential clawback of funding regarding an historic project. The Directors have carefully considered the matter, and it is clear from relevant documentation that the clawback is discretionary. The Group is corresponding with the funder, but the potential claim is at the very early stages of resolution and therefore any outcome cannot be reliably estimated at the time of the approval of the financial statements. Therefore, no provision has been made in the financial statements, in line with financial reporting standards nor any quantum disclosed.
The Group operates a defined contribution pension scheme for the benefit of employees who wish to make provisions for pensions. The pension cost charge in the year represents contributions payable by the Group to the scheme and amounted to £40,959 (2022: £39,451).
Contributions totalling £9,769 (2022: £6,337) were payable to the scheme at the end of the year.
Debtors and sales have been reduced by £215,252 due to errors in estimated funding claims which were discovered as a result of final settlements prior to approval of the current financial statements. This has reduced reserves brought forward in the current year as a result.
Page 20
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NORFOLK AND WAVENEY ENTERPRISE SERVICES
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 March 2023
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Related party transactions
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The Company has taken advantage of the exemption under FRS 102 to not disclose particulars of transactions with its wholly owned subsidiary.
The following transactions occurred in the year:
A company which is an associated undertaking of the parent company:
The Group have loaned monies to the company totalling £223,476 (2022: £218,373) at the year end. No interest accrued on these amounts and there is a provision against the balance of £223,476 (2022: £200,936).
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Sales totalled £14,651 (2022: £18,523) and purchases and wages recharges amounted to £160,127 (2022: £119,074).
There is a balance in other creditors totalling £10,788 (2022: £111,043) and in other debtors of £127,882 (2022: £nil).
A company in which the directors have significant influence or control and is a fellow Quasi-Group member:
Rent and other recharges amounted to £311,415 (2022: £404,202). There is a balance in other creditors totalling £94,831 (2022: £88,823).
Key management personnel:
The aggregate remuneration of key management personnel was £181,739 (2022: £176,829).
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Post balance sheet events
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Prior year income and accrued income has been reduced by £215,252 as a result of amendments to final project claims.
The company is controlled by the guarantors.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 2 February 2024 by Sarah Flear (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
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Provisions available for audits of small entities
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The entity qualifies for PAASE and therefore in common with many other businesses of this size and nature, the company uses their auditors to assist with the preparation of the financial statements.
Page 21
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