ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number: SC217093
(A company limited by guarantee)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
COMPANY INFORMATION
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
CONTENTS
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2019
The directors present their report and the financial statements for the year ended 31 March 2019.
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the surplus or deficit of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ongoing efficiencies and developments have been made to the delivery of BG services during 2018/19. This has been necessary to improve quality of performance and the enhancement of existing elements within the service in a bid to increase market penetration and to work more effectively with start-up and aspirational growth businesses at an earlier stage. In addition, further performance and service system developments have been introduced to provide an enhanced customer aftercare process, to support business survival rates and longer-term growth as a key focus. It is intended that these ongoing developments will assist comparable performance with the BG Networks moving into 2019/20 operations.
The delivery of the “Expert Help” programme, to provide access to an appropriate range of specialist expert advice in areas such as finance, business strategy, market development, digital solutions and innovation has been fundamental for BG Fife. The service has proved to be very successful and the outcomes have shown that the demand justified ongoing European funding to deliver the service for a further 3 years. It is intended to build on the successful development of the Enterprise Hub Fife, with a series of enterprise Hubs across Fife. Work has completed on a second Enterprise Hub in Kincardine and is being operated by the Coalfield Regeneration Trust but will also provide a focal point for Business Gateway service delivery in West Fife to allow wider coverage. Overall, demand for services continues to increase across Fife and it is hoped that with an improved complement of advisers (both employee and contracted) will show an improved performance of KPI’s through 2019/20.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
Fife Council has agreed to accept liability for any unfunded costs which may arise with regard to Business Gateway Fife’s membership of the Local Government Pension Scheme (the defined benefit pension scheme) should Business Gateway Fife cease to exist, cease to be eligible to participate in the Local Government Pension Scheme or otherwise become unable to continue covering any unfunded liabilities with regard to the Local Government Pension Scheme Regulations. The risk to Business Gateway Fife in relation to unfunded pension costs is therefore significantly reduced.
The directors who served during the year were:
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
The auditors, EQ Accountants LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE
We have audited the financial statements of Business Gateway Fife (the 'Company') for the year ended 31 March 2019, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSINESS GATEWAY FIFE (CONTINUED)
As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Pentland House
Saltire Centre
Fife
KY6 2AH
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2019
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
REGISTERED NUMBER: SC217093
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 9 to 16 form part of these financial statements.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
The Company is limited by guarantee and incorporated in Scotland. The registered office address is Saltire House, Pentland Park, Glenrothes, Fife, KY6 2AL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Income shown in the Income and Expenditure Account represents contributions towards operating
costs from Fife Council, as well as income from third parties relating to services supplied during the year. During the year, Business Gateway Fife acted as agents, on behalf of Fife Council for the award of grant funding to clients. Income and award of grants is not treated as Income and Expenditure of the Company. Debtors and creditors include amounts receivable from Fife Council and amounts payable to grantees, in respect of the grants awarded.
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income 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 Statement of comprehensive income in the same period as the related expenditure.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
The cost of the defined benefit plan, recognised in Statement of comprehensive income as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
The Company is a private company limited by guarantee and consequently does not have share capital. In the event of the company winding up any surplus funds would be due to be returned to the original funding body.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
The fair value of the scheme assets and the expected rate of return, the present value of the scheme liabilities and the resulting (surplus)/deficit are:
The Company operates a Defined benefit pension scheme.
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
9.Pension commitments (continued)
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BUSINESS GATEWAY FIFE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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