York BID Company Limited - Period Ending 2023-03-31

York BID Company Limited

(Registration number: 09937609)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	53,462	3,544
Current assets
Debtors	6	86,039	182,200
Cash at bank and in hand		146,652	242,109
		232,691	424,309
Creditors: Amounts falling due within one year	7	(73,162)	(73,445)
Net current assets		159,529	350,864
Net assets		212,991	354,408
Reserves
Retained earnings		212,991	354,408
Total reserves		212,991	354,408

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

York BID Company Limited

(Registration number: 09937609)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 29 June 2023 and signed on its behalf by:
 

......................................... Michael Finn Hjort Director

......................................... Neil Philip Sanderson Director

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
The Red House
1, Duncombe Place
YORK
YO1 7ED

These financial statements were authorised for issue by the Board on 29 June 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Consideration has been given to the effects of COVID-19 on the company and it's financial position. The company has cash resources and forecast income levels to allow it to continue in operation beyond 12 months from the date of approval of the accounts. In the opinion of the Directors, the going concern basis adopted in the preparation of these Financial Statements continues to be appropriate.

Revenue recognition

Turnover comprises the fair value of levy charges raised on businesses within the BID area and other funding received towards specific projects. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

The government has made the following grants available to the company which have been recognised as income using the accrual model.

- Coronavirus Job Retention Scheme
- Small Business Grant Fund

Grant income is recognised when the conditions for receipt have been met and there is reasonable assurance that the grant will be received. It is then recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate, except where the grant is compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future costs in which case it is recognised as income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current tax. H M Revenue and Customs have confirmed the levy income received is not chargeable to corporation tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	5 years straight line
Plant and equipment	Between 1 and 5 years straight line
Fixtures and fittings	5 years straight line
Motor vehicles	5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Loss before tax

Arrived at after charging/(crediting)

	2023 £	2022 £
Depreciation expense	14,608	2,963

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2022	2,183	32,842	9,654	-	44,679
Additions	-	58,026	-	6,500	64,526
At 31 March 2023	2,183	90,868	9,654	6,500	109,205
Depreciation
At 1 April 2022	2,183	31,875	7,077	-	41,135
Charge for the year	-	12,572	736	1,300	14,608
At 31 March 2023	2,183	44,447	7,813	1,300	55,743
Carrying amount
At 31 March 2023	-	46,421	1,841	5,200	53,462
At 31 March 2022	-	967	2,577	-	3,544

6

Debtors

Current	2023 £	2022 £
Trade debtors	15,029	107,979
Prepayments	2,187	2,188
Other debtors	68,823	72,033
	86,039	182,200

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	64,818	53,710
Taxation and social security	807	14
Accruals and deferred income	7,247	19,281
Other creditors	290	440
	73,162	73,445

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £495,711 (2022 - £165,291). The company has committed to the following projects in the 2023/24 financial year:

Street Rangers Contract - £128,138
Winter Lights Contract - £121,880
Street Cleaning Contract - £120,793
Movement Insights - £27,000
Levy Collection Services - £25,000
Ghosts In The Gardens - £18,000
Street Art Murals - £7,000
York Gift Card Contract - £6,000
York Creative Sauce website development - £5,800
Small Grant to York Fashion Week -£5,000
Small Grant awarded to Indie York - £5,000
Solomon Dashboard Licence - £4,560
Deans Computer Services - £2,078
JLA Speaker Hire - £4,400
Access Consultancy for Cast legate - £3,842
Small Grant awarded to York Unlocked - £3,000
Taxi Marshals Contract - £3,000
Raddison Hotel York, Venue Hire - £1,600
BID Foundation Membership - £1,400
Forest Electric LED Lighting - £1,000
ATCM Membership - £910
York Chamber of Commerce Membership - £310

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9	Related party transactions

Summary of transactions with other related parties

The following organisations are related to the company due to the involvement of directors in York BID Company Limited:

City of York Council
Make It York


 Income is received in the period from City of York Council in the form of levy charges and other funding.
Contributions towards the Winter Lights were received from Make It York.

These related party organisations have been paid for services including:

City of York Council - levy collection.

 
At the balance sheet date the amount owed from City of York Council was £7,464 (2022 - £103,938).
The amount owed from Make It York was £Nil (2022 - £2,565).

The net debt due from related parties is £7,464 (2022 - £106,503).
 

York BID Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Income and receivables from related parties

2023	Other related parties £
Levy income and other funding	884,404

2022	Other related parties £
Levy income and other funding	891,711

Expenditure with and payables to related parties

2023	Other related parties £
Services provided	31,329

2022	Other related parties £
Services provided	77,604