Financial Statements for the Year Ended 31 March 2024

	for

	Marketing Nottingham and Nottinghamshire
	Limited
Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Contents of the Financial Statements
for the Year Ended 31 March 2024

	Page

Company Information  	1	

Chairman's Report  	2	

Balance Sheet  	3	

Notes to the Financial Statements  	4	

Marketing Nottingham and Nottinghamshire
Limited

Company Information 
for the Year Ended 31 March 2024

	DIRECTORS:	P D Southby
	M P Goldby
	Cllr L Ayoola
	I P Blatherwick
	JA Dickerson
	Mrs K J Greenwood
	Mrs V J Reeves
	Mr R Bark
	T Vasishta
	T Waldron-Lynch
	Mrs M R Powell Vreeswijk

	REGISTERED OFFICE:	Nottingham Tourism & Travel Centre
	1-4 Smithy Row
	Nottingham
	NG1 2BY

	REGISTERED NUMBER:	03744996 (England and Wales)

	AUDITORS:	Wright Vigar Limited
	Alexandra House
	43 Alexandra Street
	Nottingham
	NG5 1AY

	BANKERS:	Natwest Bank plc
	52 Rectory Road
	West Bridgford
	Nottingham
	NG2 6FF

	ACCOUNTANTS: 	Brockhurst Davies Limited	
	11 The Office Village
	North Road
	Loughborough
	Leicestershire
	LE11 1QJ

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Chairman's Report 
for the Year Ended 31 March 2024

Our mission is to promote Nottingham and Nottinghamshire for the purpose of creating jobs, growing the local economy and improving the standard of living for local people, primarily through identifying, presenting and delivering on investment opportunities and support to the visitor economy.

My report last year indicated that 23/24 would continue to be challenging, not least with the loss of a funded CEO in July. The senior leadership team and members of the board helped guide the business through a six month period with no CEO in place, while we ran a thorough and ultimately successful recruitment  process leading to the appointment of Megan Powell-Vreeswijk in January 2024, an appointment which has reinvigorated the organisation, raised our profile and made us a much more powerful voice in the region.

We are delighted that careful management of finances over a period of years finally led to a balance sheet surplus in the accounts presented. That careful management will need to continue though given the financial position of Nottingham City Council and the fact that more funding will be directed through the newly formed East Midlands Combined County Authority.

The Board and leadership team remain committed to providing the service and support our members and stakeholders deserve and to make sure that we support the region to deliver to its full potential.

Iain Blatherwick

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Balance Sheet 
31 March 2024

	2024	2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	4	572	758
Investments	5	1	1
			
	573	759

CURRENT ASSETS
Stocks	2,503	9,958
Debtors	6	263,189	280,351
Cash at bank and in hand	90,514	31,042
			
	356,206	321,351
CREDITORS
Amounts falling due within one year 	7	325,592	403,237	
			
NET CURRENT ASSETS/(LIABILITIES)	30,614	(81,886)
			
TOTAL ASSETS LESS CURRENT LIABILITIES 	
31,187	
(81,127)	

RESERVES
Income and expenditure account	8	31,187	(81,127)
			
	31,187	(81,127)

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

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 and authorised for issue on 11th December 2024 and were signed on its behalf by: 

..........................................................................
I P Blatherwick - Director 

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements 
for the Year Ended 31 March 2024

1.	STATUTORY INFORMATION

Marketing Nottingham and Nottinghamshire 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. 

There were no material departures from the above standard.

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

Preparation of the financial statements on the going concern basis assumes the company will continue in operational existence for the foreseeable future as set out in the notes.

Preparation of consolidated financial statements
The financial statements contain information about Marketing Nottingham and Nottinghamshire Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

	Significant judgements and estimates
The Directors are continually evaluating significant judgements and estimates based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The Directors consider that there are no significant judgements and estimates in applying the company's accounting policies.

	Turnover and grant income
Turnover includes funding receivable by the company, excluding VAT, from local government, European and other outside sources together with sales of merchandise through Nottingham Tourism Centre.  Turnover is credited to the income statement in the same period as any directly related expenditure.  Any turnover received in advance of directly related expenditure is credited to a deferred income account and released to the income statement as the expenditure is incurred. This applies to income from all sources including public sector grant funding where there is also a policy whereby should expenditure be incurred in advance of a grant being received then a debtor will be included to ensure income and expenditure are matched.

Membership income is spread over the period of membership.

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

2.	ACCOUNTING POLICIES - continued

	Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. 
	Office equipment and furniture	-   	33% on cost and 20% on cost 	

Tangible fixed assets are included at cost less depreciation and impairment.

	Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost. 

	Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.  Cost is determined at the average purchase price. Net realisable value is defined as estimated selling price less all further costs to be incurred in marketing and selling.

	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.

	Hire purchase and leasing commitments
Rentals paid under operating leases are charged against income on a straight line basis over the lease term.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimated useful lives. Those held under finances leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of the obligations is charged to the income statement over the relevant period. The capital element of the future payments are treated as a liability.

	Pension costs and other post-retirement benefits
The company participates in a multi-employer defined benefit pension scheme.The company pays a grouped contribution rate with other admitted body employers rather than contributing at a separately calculated rate. Consequently the company is advised by the scheme actuary that it is not possible to identify its share of underlying assets and liabilities of the scheme.  Contributions are charged to the profit and loss account as they become payable.

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

2.	ACCOUNTING POLICIES - continued

	Basic financial instruments
Non-derivative financial instruments comprise, trade and other debtors, cash and cash equivalents and trade and other creditors.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and deposits.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment

Trade and other debtors are carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that they are impaired.

	Website development
Planning, application and infrastructure development, design and content costs in respect of website development are written off to the income statement in the period in which they are incurred. External funding in respect of website development is credited to the income statement in the period in which it is receivable.

	Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.  Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.  Prior impairments are also reviewed for possible reversal at each reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 23). 

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

4.	TANGIBLE FIXED ASSETS
	Office
	equipment
	and
	furniture
	£
	COST
	At 1 April 2023	89,503
	Additions	708
		
	At 31 March 2024	90,211
		
	DEPRECIATION
	At 1 April 2023	88,745
	Charge for year	894
		
	At 31 March 2024	89,639
		
	NET BOOK VALUE
	At 31 March 2024	572
		
	At 31 March 2023	758

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: 

	Office
	equipment
	and
	furniture
	£
	COST
	At 1 April 2023
	and 31 March 2024	21,078
		
	DEPRECIATION
	At 1 April 2023
	and 31 March 2024	21,078
		
	NET BOOK VALUE
	At 31 March 2024	-
		
	At 31 March 2023	-

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

5.	FIXED ASSET INVESTMENTS
	Shares in
	group
	undertakings
	£
	COST
	At 1 April 2023
	and 31 March 2024	1
		
	NET BOOK VALUE
	At 31 March 2024	1
		
	At 31 March 2023	1

6.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 	
	2024	2023
	£	£
	Trade debtors	219,268	170,665
	Other debtors	259	63,145
	Prepayments and accrued income	43,662	46,541
			
	263,189	280,351

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 	
	2024	2023
	£	£
	Trade creditors	44,273	212,546
	Social security and other taxes 	22,823	66,074	
	VAT	23,450	3,288
	Other creditors	276	1,163
	Accruals and deferred income	234,770	120,166
			
	325,592	403,237

8.	RESERVES
	Income and
	expenditure
	account
	£

	At 1 April 2023	(81,127)
	Surplus for the year 	112,314	
		
	At 31 March 2024	31,187

Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

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

The Report of the Auditor was unqualified.

Steven Newman LLB FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

Emphasis of matter relating to going concern

In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in the notes to the financial statements concerning the ability of the company to continue as a going concern for the foreseeable future, defined as being no less than twelve months from the date upon which the financial statements were signed.

These conditions, along with other matters explained in the notes to the financial statements, indicate the existence of a material uncertainty which casts doubt on the company's ability to continue as a going concern.

The financial statements do not include any adjustments that would be required should the company be unable to continue as a going concern.

10.	RELATED PARTY DISCLOSURES

Mr J S Jackson and Nottingham BID Company Limited/Imperial Business Consulting Limited.

                   Mr J S Jackson was a director of Marketing Nottingham and Nottinghamshire Limited and also Nottingham BID Company 
                Limited and Imperial Business Consulting Limited. 

                During the year the company made a purchase for bid levy to Nottingham BID Company Limited. There was no balance
                Outstanding at the year end. 
   
                   During the year the company received payment for a membership subscription of £7,542 from Nottingham BID Company 
                Limited. There was no balance outstanding at the year end.           
Marketing Nottingham and Nottinghamshire
Limited (Registered number: 03744996)

Notes to the Financial Statements - continued 
for the Year Ended 31 March 2024

11.	GOING CONCERN

As a result of the balance sheet deficit accumulated over a number of years, together with uncertainty over the political environment and the impact that this may have on local Government funding, the directors continue to critically appraise the company's long term plans and financial forecasts and have also consulted with major funders regarding their ongoing support.

However, the directors are delighted to announce that a surplus of £112,314 was achieved leading to accumulated reserves of £31,187 as at 31st March 2024.

The directors acknowledge that the future financial support of key local authority funders and other public bodies is dependent on their future policy decisions and directives from central government.

The City Council has, however, continued support in all areas during 2024/2025 including cash flow assistance and in the form of SLA's for the promotion of inward investment and visitor economy growth.

The directors are aware that following Brexit, ERDF Project income has now ceased, after a transitional period that ended in May 2023.

Membership income is building back to more normal levels in the post Covid years, and a concerted effort continues to be made to expand the membership base.

In addition, considerable effort has been made by the organisation to identify new sources of funding, including grant funding, from the public sector and also to generate additional income from the private sector. In this uncertain economic climate both public and private sectors are cautious about committing future funding although they are keen to support the strategic direction of the organisation.

Budgets have been prepared for 2024/2025 and these indicate that a modest surplus should be achieved for the year.

Careful monitoring of the ongoing cash flow position has ensured stronger control of the finances. Current actual performance and support from EMCCA allows the Directors to be confident that, in addition to an anticipated surplus for 2024/2025, the Board are forecasting that cash flow will be positive during that period.

Taking all of the above factors into account, including a review of forecasts for 2024/2025 and current expressions of outline future financial support from major funders into the financial year 2025/2026, the directors consider that it is appropriate for the accounts to be prepared on a going concern basis.

12.	COMPANY LIMITED BY GUARANTEE

The company is a private company limited by guarantee and not having any share capital. The liability of the members is limited to such amount not exceeding £1 in the event of the winding up of the company.