For the period ended 31 March 2012 Registered number:

Transcription

1 Unaudited Financial Statements South East Midlands Local Enterprise Partnership Limited For the period ended Registered number:

2 Company Information Directors Cllr P E Turner (appointed 19 October 2011 & resigned 7 June ) Cllr D J Mackintosh (appointed 14 November 2011) Mr R J Phillips (appointed 25 October 2011) Mr T F Wells (appointed 25 October 2011) Mrs C C K Smart (appointed 25 October 2011) Mayor D S Hodgson (appointed 19 October 2011) Dr A G Limb (appointed 30 September 2011) Mr S A Judge (appointed 25 October 2011 & resigned 14 June ) Dr W Greaves (appointed 1 October 2011) Mr J J Corrigan (appointed 1 October 2011 & resigned 28 May ) Cllr M J Clarke (appointed 19 October 2011) Cllr A J Geary (appointed 19 June ) Prof N Petford (appointed 7 May ) Cllr R J Davis (appointed 31 May 2011) Cllr M Edmonds (appointed 19 October 2011) Prof L Ebdon (appointed 1 October 2011 & resigned ) Mr R Levene (appointed 20 September ) Mr C Scarrott (appointed 20 September ) Company number Registered office Unit 1 Cranfield Innovation Centre University Way Cranfield Bedfordshire MK43 0BT Accountants Grant Thornton UK LLP Chartered Accountants Grant Thornton House Kettering Parkway Kettering Venture Park Kettering Northamptonshire NN15 6XR Solicitors Pictons Solicitors LLP 28 Dunstable Road Luton LU1 1DY

3 Contents Page Directors' report 1 Accountants' report 2 Income and expenditure account 3 Balance sheet 4 Notes to the financial statements 5-8 The following pages do not form part of the statutory financial statements: Detailed income and expenditure account and summaries 10-12

4 Directors' Report For the period ended The directors present their report and the financial statements for the period ended. Incorporation The company was incorporated and commenced trading on 31 May Principal activities The principal activity during the period was determining local economic priorities and to undertake activities that drive economic growth and the creation of local jobs. Directors The directors who served during the period were: Cllr P E Turner (appointed 19 October 2011 & resigned 7 June ) Cllr D J Mackintosh (appointed 14 November 2011) Mr R J Phillips (appointed 25 October 2011) Mr T F Wells (appointed 25 October 2011) Mrs C C K Smart (appointed 25 October 2011) Mayor D S Hodgson (appointed 19 October 2011) Dr A G Limb (appointed 30 September 2011) Mr S A Judge (appointed 25 October 2011 & resigned 14 June ) Dr W Greaves (appointed 1 October 2011) Mr J J Corrigan (appointed 1 October 2011 & resigned 28 May ) Cllr M J Clarke (appointed 19 October 2011) Cllr R J Davis (appointed 31 May 2011) Cllr M Edmonds (appointed 19 October 2011) Prof L Ebdon (appointed 1 October 2011 & resigned ) In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act This report was approved by the board on and signed on its behalf. Dr Ann Limb OBE DL Director Page 1

5 Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of South East Midlands Local Enterprise Partnership Limited for the period ended In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South East Midlands Local Enterprise Partnership Limited for the period ended which comprise the Income and Expenditure account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us. As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at This report is made solely to the Board of Directors of South East Midlands Local Enterprise Partnership Limited, as a body, in accordance with the terms of our engagement letter dated 22 May. Our work has been undertaken solely to prepare for your approval the financial statements of South East Midlands Local Enterprise Partnership Limited and state those matters that we have agreed to state to Board of Directors of South East Midlands Local Enterprise Partnership Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants in England and Wales, as detailed at To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South East Midlands Local Enterprise Partnership Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that South East Midlands Local Enterprise Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit of South East Midlands Local Enterprise Partnership Limited. You consider that South East Midlands Local Enterprise Partnership Limited is exempt from the statutory audit requirement for the for the period ended. We have not been instructed to carry out an audit or review of the financial statements of South East Midlands Local Enterprise Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Grant Thornton UK LLP Chartered Accountants Kettering Date: Page 2

6 Income and Expenditure Account For the period ended Note Turnover 1 88,656 Cost of sales (34,467) Gross surplus 54,189 Administrative expenses (126,909) Other operating income 2 137,303 Surplus on ordinary activities before taxation 64,583 Tax on surplus on ordinary activities 4 (13,000) Surplus for the financial period 9 51,583 The notes on pages 5 to 8 form part of these financial statements. Page 3

7 Registered number: Balance Sheet As at Fixed assets Note Tangible assets 5 - Current assets Debtors 6 55,757 Cash at bank 74, ,516 Creditors: amounts falling due within one year 7 (78,933) Net current assets 51,583 Net assets 51,583 Reserves Income and expenditure account 9 51,583 51,583 The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at and of its profit for the period then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company. The 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved and authorised for issue by the board and were signed on its behalf on Dr Ann Limb OBE DL Director The notes on pages 5 to 8 form part of these financial statements. Page 4

8 Notes to the Financial Statements For the period ended 1. Accounting Policies 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Turnover Turnover comprises of revenue recognised by the company in respect of services supplied during the period. 1.3 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer equipment - 100% straight line 1.4 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Income and Expenditure account over the expected useful lives of the assets concerned. Other grants are credited to the Income and Expenditure account as the related expenditure is incurred. 2. Other operating income Government grants receivable 137, Surplus The surplus is stated after charging: Depreciation of tangible fixed assets: - owned by the company 3,729 During the period, no director received any emoluments. Page 5

9 Notes to the Financial Statements For the period ended 4. Taxation UK corporation tax charge on surplus for the period 13,000 The directors consider it prudent to provide for corporation tax at the rate of 20% on the surplus for the year, pending determination of their tax status by H M Revenue & Customs. 5. Tangible fixed assets Cost Computer equipment Additions 3,729 At 3,729 Depreciation Charge for the period 3,729 At 3,729 Net book value At - 6. Debtors Trade debtors 4,100 Other debtors 51,657 55,757 Page 6

10 Notes to the Financial Statements For the period ended 7. Creditors: Amounts falling due within one year Trade creditors 54,156 Corporation tax 13,000 Other creditors 11,777 78, Company status 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. 9. Reserves Income and expenditure account Surplus for the period 51,583 At 51, Contingent liabilities There were no contingent liabilities at. 11. Capital commitments The company had no capital commitments at. Page 7

11 Notes to the Financial Statements For the period ended 12. Related party transactions During the period, local authorities income was received from Councils on which Directors hold office as follows: Cllr M Clarke - South Northamptonshire Borough Council 7,000 Mayor D S Hodgson - Bedford Borough Council 7,000 Cllr D J Mackintosh - Northampton Borough Council 7,000 Cllr R Davis - Luton Borough Council 7,000 Cllr P Turner - Central Bedfordshire Council 7,000 Cllr M Edmonds - Aylesbury Vale District Council 7, Controlling party The directors are the company's controlling related party by virtue of their office. Page 8

12 Registered number: South East Midlands Local Enterprise Partnership Limited Detailed Accounts - Unaudited For the period ended

13 Detailed Income and Expenditure Account For the period ended Page Turnover 11 88,656 Cost of sales 11 (34,467) Gross surplus 54,189 Other operating income , ,492 Less: Overheads Administration expenses 12 (126,909) Surplus for the period 64,583 Page 10

14 Schedule to the Detailed Accounts For the period ended Turnover Local authorities income 77,000 PDIIDG income 3,000 Sponsorship income 3,600 Other income 5,056 88,656 Cost of sales Conference 34,467 Other operating income Government grants receivable 137,303 Page 11

15 Schedule to the Detailed Accounts For the period ended Administration expenses Consultancy 53,597 Printing and stationery 744 Telephone and fax 1,050 Website development costs 12,792 Website and IT support costs 10,202 General office expenses 72 Advertising and promotion 5,211 Legal and professional 20,281 Accountancy fees 600 Bank charges 45 Rent 5,685 Rates 863 Light and heat 153 Service charges 1,482 Depreciation - plant and machinery 3,729 Set up costs 3,240 Board expenses 7, ,909 Page 12