Comment

Engine of the North Ltd Draft Summary Financial Statements 2016-17

 

Engine of the North Limited was incorporated on 30 May 2013 and commenced trading on 22 August 2013. The company’s shareholders are a combination of Cheshire East Residents First Ltd (CERF Ltd) (80% shareholder) and Cheshire East Borough Council (20% shareholder). The company’s main contract rests with CEBC. 

Engine of the North (EotN) is a property development company. It aims to be at the forefront of the placemaking agenda promoting innovative and commercial solutions for the Council’s surplus assets. It facilitates new affordable and market housing, jobs and economic growth whilst maximising capital receipts for the Council. 

Engine of the North Ltd performed strongly in 2016/17, recording a £9k (2015/16: £47k) profit from its operations. 

The financial statements of Engine of the North Limited (the “Company”) for the year ended 31 March 2017 will be issued to the Board for authorisation in September 2017 following the external audit of the company accounts in July/August. 

As a wholly owned company within the Cheshire East Borough Council Group, Engine of the North Limited’s results are included in the consolidated financial statements of CEBC which are available from:

http://www.cheshireeast.gov.uk/council_and_democracy/your_council/council_finance_and_governance/statement_of_accounts/statement_of_accounts.aspx 

 

Comment

Comment

Unaudited Financial Statements & Accounts 2015/16

Engine of the North Ltd

 

Briefing Note

 

 

Date of Meeting:     14th June 2016

 

Briefing Paper of:   Group Finance Business Partner

 

Subject/Title:           “Unaudited” Draft Financial Statements & Accounts 2015/2016

 

Matters for Consideration

 

 

  • The accounts for the year 2015/2016 are now closed and the Draft Statutory Financial Statements have been prepared and are presented for information to the Board (please note that this first iteration is complete in terms of the financial information included within the Statement of Comprehensive Income, Statement of Equity, Statement of Financial Position and the Notes to the Accounts however the Strategic Report and Directors Report have yet to be finalised.

 

  • The following papers are attached for the Board’s review and comment:

     

    The Draft Statutory Accounts for 2015/2016 – comprising: Draft Strategic Report, Draft Directors Report, Statement of Comprehensive Income, Statement of Equity, Statement of Financial Position and the Notes to the Accounts.

 

Subject to any review/amendments by the Board, the Statutory Accounts will then be available for Audit by Grant Thornton, the Company’s appointed auditors.  The external audit is due to commence on Monday 18th July 2016 for a period of 2-3 weeks (third week likely to be during August).

 

As a wholly owned Company of Cheshire East Residents First Ltd (CERF Ltd) & Cheshire East Borough Council (CEBC), the draft Financial Statements are also included in the Group Accounts being prepared by CEBC.  Summary Financial Statements (SOCI and SOFP) are therefore requested to be made available for public inspection with effect from 30th June 2016 (subject to respective Company Board approval dates) on the Company’s website (with a link to CEBC Accounts on their website).

 

Following the audit in July/August, the audited Financial Statements will be presented to the Board in September 2016 along with the External Audit report for Approval and Signing before filing at Companies House by the 31 Dec 2016 deadline.

 

 

Actions Required from Board: 

  1. The Board are requested to review/comment on the draft Statutory Accounts for 2015/2016 between now and 24th June 2016 and any changes reflected in the final draft accounts by 30th June 2016.

     

  2. The Board are requested to confirm that the “unaudited” Summary Statements will be made available on the Company’s website from the 30th June 2016 (subject to relevant Company Board approval dates), to which a link to the Group Accounts on the CEBC website will be provided from the commencement of the public inspection of the CEBC Single Entity and Group Accounts.

     

Reputational Impact: None

 

Legal Implications:  None

 

Shareholder Implications:  As shareholders of the Company in 2015-16, the out-turn position impacts on CERF Ltd and Cheshire East Council in addition to the Company. 

 

Shareholder Approval Required – No

 

Risk Implications:  None

 

Cost Implications: The Out-turn report and the Financial Statements show the reported profit for the year at £46,710.

Comment

Short list selected for major development site in East Cheshire

Engine of the North, Cheshire East Council's property development company, advised by CBRE Manchester Office, has compiled a shortlist of interested parties for the 14-acre development site at Earl Road, Handforth, Cheshire.

Following an informal tender process this summer, the shortlisted parties have now been invited to submit their best offer for the site by the end of October. The Council, advised by Engine of the North, plans to select a preferred bidder by the end of the year.

Darran Lawless, Managing Director of Engine of the North, said: "The high number and quality of offers received for the site confirm the site is of national significance."

"This is to be expected as the site is immediately adjacent to the highly successful Handforth Dean Retail Park on the A34 arterial route. It has a wide range of potential uses, including Employment, Retail, Leisure and Car Showrooms, subject to planning consent."

CBRE’s Manchester office is the sole agent appointed to market the scheme and Senior Director Colin Thomasson is managing the offers process.

Colin said: "We have received significant interest in the site. The level of enthusiasm is almost unprecedented, and with the shortlisting stage of the process now under way, we remain on track to select the preferred bidder by the end of the year.”

For further information about the site and to obtain the marketing particulars, please contact Colin Thomasson at CBRE on 0161 455 7666

Notes to editors:

For further information contact Andrea Keen, 01270 686556, andrea.keen@engineofthenorth.co.uk

Earl Road, Handforth Dean

Informal tenders are being sought for a major development site in East Cheshire.

Engine of the North, Cheshire East Council’s property development company, is seeking offers for the whole site, or individual plots on the 14-acre development site at Earl Road, Handforth Cheshire.

The site is immediate adjacent to the highly successful Handforth Dean Retail Park on the A34 arterial route. It has a wide range of potential uses including Employment, Retail, Leisure and Car Showrooms, subject to planning consent.

In addition to selling the whole or individual plots, Engine of the North is able to provide bespoke design and build solutions for interested occupiers.

Darran Lawless, Managing Director of Engine of the North, commented on the opportunity, “We anticipate significant interest in the Earl Road site. The Council have received numerous expressions of interest previously and we are confident that now the site is has been brought to the market offers will be forthcoming from end users, developers and investors.

“Fronting onto the A34, the site is of regional importance and well placed to serve the towns of Alderley Edge and Wilmslow as well as passing traffic to Manchester, the motorway networks and Manchester Airport.”

CBRE’s Manchester office is the sole agent appointed to market the scheme and Senior Director Colin Thomasson is managing the informal tender process.

“Following the closing of the informal tender process, we shall conduct an evaluation process with our clients to consider the bids which make the best use of this hugely exciting site , and offer the best value to my clients. At this stage, we are open to proposals that utilise the entire site as well as interest in individual plots only.

“New development opportunities of this size and in such a proven location are rare and we expect a large number of enquiries.”

The deadline for offers by way of Informal Tender is 27th June.

For further information about the site and to obtain the marketing particulars, please contact Colin Thomasson at CBRE on 0161 233 5645 or colin.thomasson@cbre.com.

Notes to editors:

For further information contact Andrea Keen, 01270 686556, andrea.keen@engineofthenorth.co.uk