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Registered number: 02753023
LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02753023
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Surplus and deficit account
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2021.
Page 1
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 02753023
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The notes on pages 4 to 11 form part of these financial statements.
Page 2
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
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Surplus and deficit account
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Liverpool City Region Growth Company Limited is a private limited company, limited by guarantee, incorporated in England and Wales. Its registered office is 1 Mann Island, Liverpool, L3 1BP. The company number is 02753023.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Income receivable including grants which excludes value added tax is credited to the income and expenditure account according to the period to which it relates, the deferred element being shown in creditors. Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors. Commitments to organisations that apply for financial support are recognised at the point that the commitment is made, rather than relating it to the timing of the underlaying commercial contract for which funding to the organisation is provided.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to surplus and deficit on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in surplus or deficit using the effective interest method.
Page 4
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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 profit or loss 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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Page 6
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Cost of defined contribution scheme
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Included in the above totals are £1,004,194 of salaries, £92,825 of social security and £84,268 of pension costs which are recharged to this company's two subsidiaries. These costs are disclosed here as though recharged, the payroll is run in the name of the Liverpool City Region Growth Company Limited.
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The average monthly number of employees, including directors, during the year was 38 (2019 - 34).
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Charge for the year on owned assets
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Page 7
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 8
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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The following were subsidiary undertakings of the Company:
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Liverpool City Region Growth (Tradeco) Company Limited
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Liverpool City Region Growth Company (Teckal) Limited
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The aggregate of the share capital and reserves as at 31 March 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Liverpool City Region Growth (Tradeco) Company Limited
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Liverpool City Region Growth Company (Teckal) Limited
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 9
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through surplus or deficit
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through surplus or deficit comprise cash at bank and in hand.
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Financial assets that are debt instruments measured at amortised cost comprise trade, group and other debtors.
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Financial liabilities measured at amortised cost comprise trade, group and other creditors and accruals.
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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.
Page 10
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LIVERPOOL CITY REGION GROWTH COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The Company pays into personal pension plans. The assets of these plans are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the plans and amounted to £132,811 (2019 - £110,698).
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Related party transactions
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The company has taken advantage of the exemption conferred under FRS 102, as a wholly
owned subsidiary, not to disclose balances and transactions with other group companies.
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The company is a wholly owned subsidiary of Liverpool City Region Growth Company (Holdco) Limited, registered in England and Wales.
Copies of the parent company financial statements may be obtained from Companies House, Cardiff, CF14 3UZ.
The guarantors of Liverpool City Region Growth Company (Holdco) Limited have reserved powers to appoint and terminate the Directors of the company but delegate the operational management of the company to the Board of Directors for the company. The guarantors are:
Asif Hamid MBE – Chair of Liverpool City Region Local Enterprise Partnership and a member of
Liverpool City Region Combined Authority
Metro Mayor Steve Rotheram – Metro Mayor of Liverpool City Region Combined Authority
Councillor Patrick Hackett – Leader of Wirral Council and a member of Liverpool City Region Combined
Authority
The auditor's report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on 12 March 2021 by Stephen Talbot (Senior statutory auditor) on behalf of Langtons Professional Services Limited.
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