Company Registration No. 11912208 (England and Wales)
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
Notes
£
£
Current assets
Debtors
3
17,882
Creditors: amounts falling due within one year
4
(17,882)
Net current assets
-
Reserves
5
-

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements. true

For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2021 and are signed on its behalf by:
R Harrington
Director
Company Registration No. 11912208
BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information

Buckinghamshire Local Enterprise Partnership Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Edison Road, Rabans Lane Industrial Estate, Aylesbury, Buckinghamshire, HP19 8TE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Reporting period

The reporting period for the company is longer than one year.  The company was incorporated on 28 March 2019, and the accounts period end is 31 March 2020.  Due to this being the first year of reporting, there are no comparative amounts.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Grant income receivable by the company for the administration of grants is credited to the income and expenditure account so as to match the expenditure incurred.

 

Grant funding received but not utilised is included within other debtors, and is held by the company’s Accountable Body, Buckinghamshire Council.

 

As at 31 March 2020 the Accountable Body was Buckinghamshire County Council. However, as at 1 April 2020 onwards the council became Unitary and is now known as Buckinghamshire Council. 

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.

BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The company operates as a not for profit company, and receives income in the form of grants. As a result, any net surplus arising from these activities is non-trading and exempt from corporation tax. The company is liable to corporation tax on bank interest received, trading, and other income, after deduction of allowable expenses.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

BUCKINGHAMSHIRE LOCAL ENTERPRISE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 .

 

The average monthly number of persons seconded to the company from Buckinghamshire Council during the year was 6.

3
Debtors
2020
Amounts falling due within one year:
£
Other debtors
17,882
4
Creditors: amounts falling due within one year
2020
£
Other creditors
17,882
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Related party transactions

In the year, costs amounting to £39,967 were recharged to Buckinghamshire Local Enterprise Partnership Limited by Buckinghamshire Council. These costs were funded from income received and held on behalf of the company by Buckinghamshire Council, in their role as the company's Accountable Body. At the end of the financial year Buckinghamshire Council held a further £922,721 of income received on behalf of the company and not yet drawn down.

 

As with all Local Enterprise Partnerships, funding for core activities comes from Central Government’s Cities and Growth Unit (Ministry of Housing, Communities and Local Government and Department for Business, Energy and Industrial Strategy). They also channel the company's EU project funding. Payment of these amounts is dependent on meeting the governance and transparency criteria set out by the Unit, who have a representative on the company's Board as an observer.

 

2020-03-31 2019-03-28 false 26 March 2021 CCH Software CCH Accounts Production 2020.310 No description of principal activity P Batting S Bowles H Gandhi R Harrington E Martin-Vignerte A Smith R Bunting M Garvey A Lomax S Broadbent A Brown I Darby L Edge N Naylor C Pelham M Tett J Tooley M Porter E Potts 11912208 2019-03-28 2020-03-31 11912208 2020-03-31 11912208 core:CurrentFinancialInstruments core:WithinOneYear 2020-03-31 11912208 bus:Director4 2019-03-28 2020-03-31 11912208 core:WithinOneYear 2020-03-31 11912208 core:CurrentFinancialInstruments 2020-03-31 11912208 bus:CompanyLimitedByGuarantee 2019-03-28 2020-03-31 11912208 bus:SmallCompaniesRegimeForAccounts 2019-03-28 2020-03-31 11912208 bus:FRS102 2019-03-28 2020-03-31 11912208 bus:AuditExemptWithAccountantsReport 2019-03-28 2020-03-31 11912208 bus:Director1 2019-03-28 2020-03-31 11912208 bus:Director2 2019-03-28 2020-03-31 11912208 bus:Director3 2019-03-28 2020-03-31 11912208 bus:Director5 2019-03-28 2020-03-31 11912208 bus:Director6 2019-03-28 2020-03-31 11912208 bus:Director7 2019-03-28 2020-03-31 11912208 bus:Director8 2019-03-28 2020-03-31 11912208 bus:Director9 2019-03-28 2020-03-31 11912208 bus:Director10 2019-03-28 2020-03-31 11912208 bus:Director11 2019-03-28 2020-03-31 11912208 bus:Director12 2019-03-28 2020-03-31 11912208 bus:Director13 2019-03-28 2020-03-31 11912208 bus:Director14 2019-03-28 2020-03-31 11912208 bus:Director15 2019-03-28 2020-03-31 11912208 bus:Director16 2019-03-28 2020-03-31 11912208 bus:Director17 2019-03-28 2020-03-31 11912208 bus:Director18 2019-03-28 2020-03-31 11912208 bus:Director19 2019-03-28 2020-03-31 11912208 bus:FullAccounts 2019-03-28 2020-03-31 xbrli:pure xbrli:shares iso4217:GBP