Warrington 2000+ - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01880800 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Warrington 2000+

(Limited By Guarantee)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Daniels

N R Schofield

Canon Prof T J Wheeler

Dr C Kressel

Cllr T P O'Neill

R L Bowden

SECRETARY:

G McGough

REGISTERED OFFICE:

The International Business Centre

Delta Crescent

Westbrook

Warrington

Cheshire

WA5 7WQ

REGISTERED NUMBER:

01880800 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Tangible assets

3

7,750

9,508

Investments

4

1

1

Investment property

5

2,185,000

2,185,000

2,192,751

2,194,509

CURRENT ASSETS

Debtors

6

57,397

61,751

Cash at bank

747,464

721,975

804,861

783,726

CREDITORS

Amounts falling due within one year

7

(274,167

)

(275,711

)

NET CURRENT ASSETS

530,694

508,015

TOTAL ASSETS LESS CURRENT LIABILITIES

2,723,445

2,702,524

CREDITORS

Amounts falling due after more than one year

8

(1,297,794

)

(1,327,580

)

PROVISIONS FOR LIABILITIES

(125,236

)

(125,236

)

NET ASSETS

1,300,415

1,249,708

RESERVES

Other reserves

9

2

2

Income and expenditure account

9

1,300,413

1,249,706

1,300,415

1,249,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 August 2017 and were signed on its behalf by:

C Daniels - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in surplus or deficit.

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.

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.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Encounter

Computer

machinery

fittings

Sculpture

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

25,809

11,321

155,020

8,785

200,935

DEPRECIATION

At 1 April 2016

16,687

11,321

155,020

8,399

191,427

Charge for year

1,375

-

-

383

1,758

At 31 March 2017

18,062

11,321

155,020

8,782

193,185

NET BOOK VALUE

At 31 March 2017

7,747

-

-

3

7,750

At 31 March 2016

9,122

-

-

386

9,508

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

1

At 31 March 2016

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: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.3.17

31.3.16

£

£

Aggregate capital and reserves

1

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

2,185,000

NET BOOK VALUE

At 31 March 2017

2,185,000

At 31 March 2016

2,185,000

Cost or valuation at 31 March 2017 is represented by:

£

Cost

2,185,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

40,231

39,879

Other debtors

1,803

4,066

Prepayments and accrued income

15,363

17,806

57,397

61,751

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

5,145

5,500

Tax

5,728

10,274

VAT

3,679

3,805

Other creditors

185,568

184,836

Accrued expenses

44,380

41,749

Deferred government grants

29,667

29,547

274,167

275,711

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Government

Commission

Homes &

Total

Office

for New Towns

Communities

Northwest

Agency

£

£

£

£

Grant released within one year

3,599

12,600

13,468

29,667

Grant released after one year

114,257

400,050

783,606

1,297,794

Grants carried forward

117,856

412,650

796,955

1,327,461

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.

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 fifty years.The Government Office

Northwest closed March 2011.

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.

9.

RESERVES

Income

and

expenditure

Other

account

reserves

Totals

£

£

£

At 1 April 2016

1,249,706

2

1,249,708

Surplus for the year

50,707

50,707

At 31 March 2017

1,300,413

2

1,300,415

10.

MEMBERS

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