24 May 2018
Draft Summary Financial Statements 2017-18
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 place-making 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 reported a Net Operating Loss of £15k in 2017-18 (2016-17: £9k Profit) from its operations. This reflects planned expenditure of reserves on Strategic Reviews/Studies which will be beneficial to the Council in future.
The financial statements of Engine of the North Limited (the “Company”) for the year ended 31 March 2018 will be issued to the Board for authorisation in September 2018 following the external audit of the company accounts in June.
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 here.