Mid Anglian Enterprise Agency Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01805308 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Mid Anglian Enterprise Agency Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J L Cattermole

Mrs A Mayley

A Ponder

Ms E Finn

R W Masson

Ms D Bayliss

A C Dahl

A J Till

REGISTERED OFFICE:

The Vision Centre

5 Eastern Way

Bury St Edmunds

Suffolk

IP32 7AB

REGISTERED NUMBER:

01805308 (England and Wales)

AUDITORS:

Knights Lowe Limited

Chartered Accountants

and Statutory Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

553,243

552,046

CURRENT ASSETS

Debtors

5

40,448

79,375

Cash at bank and in hand

148,048

50,673

188,496

130,048

CREDITORS

Amounts falling due within one year

6

140,345

121,672

NET CURRENT ASSETS

48,151

8,376

TOTAL ASSETS LESS CURRENT LIABILITIES

601,394

560,422

PROVISIONS FOR LIABILITIES

15,838

15,838

NET ASSETS

585,556

544,584

RESERVES

Fair value reserve

9

67,523

67,523

Income and expenditure account

518,033

477,061

585,556

544,584

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 5 June 2019 and were signed on its behalf by:

A Ponder - Director

A J Till - Director

1.	STATUTORY INFORMATION

Mid Anglian Enterprise Agency Limited 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is the total amount receivable by the company for services provided excluding VAT and includes

income from sponsorship, donations, revenue funding and from property management.

Income from services is recognised on an accruals basis and includes income as it is earned.

All other income is included in turnover on receipt except where it is designated to be used to fund a specific

activity and is included in turnover when this activity takes place.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10 years straight line

Fixtures and fittings

-

4 years straight line

Freehold property is recognised at the revalued amount via the revaluation model.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2018

550,000

16,609

566,609

Additions

-

2,280

2,280

Disposals

-

(1,346

)

(1,346

)

At 31 March 2019

550,000

17,543

567,543

DEPRECIATION

At 1 April 2018

-

14,563

14,563

Charge for year

-

1,083

1,083

Eliminated on disposal

-

(1,346

)

(1,346

)

At 31 March 2019

-

14,300

14,300

NET BOOK VALUE

At 31 March 2019

550,000

3,243

553,243

At 31 March 2018

550,000

2,046

552,046

Cost or valuation at 31 March 2019 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2017

83,361

-

83,361

Cost

466,639

17,543

484,182

550,000

17,543

567,543

A valuation report was carried out by Barker Storey Matthews on the 21 November 2016. They gave property

values of between £500,000 and £600,000.

They believed the overall value was around £600,000 assuming willing purchasers and the current tenants

retained.

The valuation of £500,000 was with vacant possession, with no regard to existing lettings.

The directors have used this valuation as a basis, and therefore at 31 March 2019 valued the property at

£550,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

30,293

21,228

Other debtors

10,155

58,147

40,448

79,375

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

9,972

Trade creditors

10,133

35,220

Social security & other tax

21,927

15,385

Tenants' deposits held

15,478

15,607

Intercompany loan

415

415

Other creditors

27,851

12,532

Grant bursaries for start ups

64,541

32,541

140,345

121,672

Tenants' deposits held and grant bursaries for start up businesses have equivalent ring fenced funds included in

cash at bank.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

25,000

20,000

Between one and five years

30,000

55,000

55,000

75,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

9,972

The bank loan is secured on the company's freehold property at The Vision Centre, 5 Eastern Way, Bury St

Edmunds.

9.

RESERVES

Fair

value

reserve

£

At 1 April 2018

and 31 March 2019

67,523

The fair value reserve represents unrealised gains on revaluation and is non-distributable, and does not form

part of retained earnings.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Knights BSc ACA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

11.	RELATED PARTY DISCLOSURES

Alex Till

(Director)

Directors remuneration was paid in the year made up of salary of £65,884 (2018 - £58,923) and pension of

£15,806 (2018 - £391)

National Enterprise Network

(A company in which Alex Till is also a director)

Expenses of £145 (2018 - £965) were supplied by this company in the year.

Outstanding at the year end - £nil (2018 - £996)

Baytree VA Limited

(A company in which Jane Cattermole is also a director)

Expenses of £12,600 (2018 - £24,471) for bookkeeping, human resources and minute taking were supplied by

this company in the year.

Outstanding at the year end - £nil (2018 - £2,602)

Jelida Consulting Limited

(A company in which Andrew Dahl is also a director)

Expenses of £11,250 (2018 - £9,000) for management information and budgeting were supplied by this

company in the year.

Outstanding at the year end - £2,700 (2018 - £3,600)

Pathfinder East Limited

(A company in which Emma Finn is also a director)

Expenses of £6,227 (2018 - £525) for marketing were supplied by this company in the year.

Outstanding at the year end - £nil (2018 - £nil)

12.	COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and does not have any share capital.