Company registration number 05156702 (England and Wales)
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
130,932
136,711
Current assets
Debtors
4
85,969
45,613
Cash at bank and in hand
806,776
1,431,078
892,745
1,476,691
Creditors: amounts falling due within one year
5
(995,012)
(1,586,275)
Net current liabilities
(102,267)
(109,584)
Net assets
28,665
27,127
Capital and reserves
Profit and loss reserves
28,665
27,127
Total equity
28,665
27,127
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
Mr W H Addy
Mr N D Britton
Director
Director
Company registration number 05156702 (England and Wales)
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Liverpool Bid Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is St Nicholas House, Old Church Yard, Chapel Street, Liverpool, L2 8TX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the impact of the truecurrent economic climate at the time of approval of these accounts and are confident that they have adequate resources to continue in business having taken account of current and future lending and expenditure commitments.
Based on the above, the accounts are prepared on a going concern basis.
1.3
Turnover
Turnover represents the invoiced value of bid levy, sponsorship monies, contributions from property owners and in kind income net of value added tax.
Revenue from the provision of services is recognised when the significant risks and rewards of ownership have passed to the levy payer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the course of the lease
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost 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.
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.
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities 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 payments 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The company is a not for profit company. The income of the company is applied to deliver the activities committed to in the BID plan. No amount is distributable and unspent monies are carried forward to cover costs of future services. Corporation tax is charged on bank interest received and profit from trading activities.
1.11
Employee benefits
The costs of 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.
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
115,246
46,522
161,768
Additions
19,278
19,278
At 31 May 2023
134,524
46,522
181,046
Depreciation and impairment
At 1 June 2022
13,427
11,630
25,057
Depreciation charged in the year
13,427
11,630
25,057
At 31 May 2023
26,854
23,260
50,114
Carrying amount
At 31 May 2023
107,670
23,262
130,932
At 31 May 2022
101,819
34,892
136,711
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
53,938
5,059
Prepayments and accrued income
32,031
40,554
85,969
45,613
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,542
202,225
Taxation and social security
15,818
14,407
Deferred income
6
904,385
1,317,843
Other creditors
24,989
48,082
Accruals and deferred income
4,278
3,718
995,012
1,586,275
6
Deferred income
2023
2022
£
£
Other deferred income
904,385
1,317,843
Deferred income comprises Retail & Leisure BID £207,329 (2022: £754,682) and Culture and Commerce BID £697,056 (2022: £563,161). Deferred income is bid levy income, property owners contributions and sundry income deferred, in respect of projects, activities and expenditure in future periods.
7
Results for the year by BID
Retail & Leisure
Culture & Commerce
Accomodation
£
£
£
Deferred income brought forward
754,682
563,161
-
BID levy income
816,412
1,178,653
25,110
Deferred income carried forward
(207,329)
(697,056)
-
Expenditure
(1,366,401)
(1,044,919)
(25,110)
Net result before interest and tax
(2,636)
(161)
-
Interest receivable
2,636
161
-
Corporation tax
504
504
-
Net result after interest and tax
504
504
-
Balance as at 01 June 2022
3,349
22,675
-
Balance as at 31 May 2023
3,853
23,179
-
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
LIVERPOOL BID COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Jean Ellis BA FCA CTA
Statutory Auditor:
DSG
Date of audit report:
27 February 2024