BrightAccountsProduction v1.0.0 v1.0.0 2022-06-01 The company was not dormant during the period The company was trading for the entire period The principal activity of they company is to stimulate and promote the creation within the greater Kesh area of additional job opportunities and new enterprises through small business growth and survival. 16 February 2024 0 0 NI026592 2023-05-31 NI026592 2022-05-31 NI026592 2021-05-31 NI026592 2022-06-01 2023-05-31 NI026592 2021-06-01 2022-05-31 NI026592 uk-bus:CompanyLimitedByGuarantee 2022-06-01 2023-05-31 NI026592 uk-curr:PoundSterling 2022-06-01 2023-05-31 NI026592 uk-bus:AbridgedAccounts 2022-06-01 2023-05-31 NI026592 uk-bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 NI026592 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI026592 uk-core:RetainedEarningsAccumulatedLosses 2022-05-31 NI026592 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI026592 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-05-31 NI026592 uk-bus:FRS102 2022-06-01 2023-05-31 NI026592 uk-core:LandBuildings 2022-06-01 2023-05-31 NI026592 uk-core:Land 2022-06-01 2023-05-31 NI026592 uk-core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 NI026592 2022-06-01 2023-05-31 NI026592 uk-bus:CompanySecretaryDirector1 2022-06-01 2023-05-31 NI026592 uk-bus:Director2 2022-06-01 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI026592
 
 
Kesh Enterprise Company Limited
(A company limited by guarantee, not having a share capital)
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 May 2023
Kesh Enterprise Company Limited
(A company limited by guarantee, not having a share capital)

ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited Abridged financial statements of Kesh Enterprise Company Limited
for the financial year ended 31 May 2023
 
In accordance with our engagement letter dated 31 May 2023 and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the abridged financial statements of the company for the financial year ended 31 May 2023 as set on pages  to  which comprise the Abridged Balance Sheet and the related notes from the company's accounting records and information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Kesh Enterprise Company Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the balance sheet for the year ended 31 May 2023 your duty to ensure that Kesh Enterprise Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kesh Enterprise Company Limited. You consider that Kesh Enterprise Company Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the abridged financial statements of Kesh Enterprise Company Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
 
 
 
__________________________________
MCELHOLM & CO
Chartered Accountants & Registered Auditors
30a Gortin Road
Omagh
Co Tyrone
BT79 7HX
 
16 February 2024



Kesh Enterprise Company Limited
(A company limited by guarantee, not having a share capital)
Company Registration Number: NI026592
ABRIDGED BALANCE SHEET
as at 31 May 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 3 234,569 307,455
───────── ─────────
 
Current Assets
Debtors 18,050 17,992
Cash and cash equivalents 32,053 34,376
───────── ─────────
50,103 52,368
───────── ─────────
Creditors: amounts falling due within one year (15,548) (23,317)
───────── ─────────
Net Current Assets 34,555 29,051
───────── ─────────
Total Assets less Current Liabilities 269,124 336,506
 
Creditors:
amounts falling due after more than one year (5,978) (10,984)
 
Provisions for liabilities (702) (824)
 
Government grants (179,282) (240,978)
───────── ─────────
Net Assets 83,162 83,720
═════════ ═════════
 
Reserves
Retained surplus 83,162 83,720
───────── ─────────
Equity attributable to owners of the company 83,162 83,720
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 16 February 2024 and signed on its behalf by
           
           
           
________________________________     ________________________________
N Armstrong     M Loane
Director     Director
           



Kesh Enterprise Company Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 May 2023

   
1. General Information
 
Kesh Enterprise Company Limited is a company limited by guarantee incorporated in Northern Ireland. Community Centre, Mantlin Road, Kesh, Co Fermanagh, BT93 1TU is the registered office, which is also the principal place of business of the company. The principal activity of they company is to stimulate and promote the creation within the greater Kesh area of additional job opportunities and new enterprises through small business growth and survival. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - Land nil. Buildings 4% Straight line
  Long leasehold property - Straight line over 999 years
  Fixtures, fittings and equipment - 20% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
           
3. Tangible assets
  Land and Long Fixtures, Total
  buildings leasehold fittings and  
  freehold property equipment  
  £ £ £ £
Cost
At 1 June 2022 2,173,007 60,000 38,924 2,271,931
Additions - - 292 292
  ───────── ───────── ───────── ─────────
At 31 May 2023 2,173,007 60,000 39,216 2,272,223
  ───────── ───────── ───────── ─────────
Depreciation
At 1 June 2022 1,778,582 151,701 34,193 1,964,476
Charge for the financial year 60 72,113 1,005 73,178
  ───────── ───────── ───────── ─────────
At 31 May 2023 1,778,642 223,814 35,198 2,037,654
  ───────── ───────── ───────── ─────────
Net book value
At 31 May 2023 394,365 (163,814) 4,018 234,569
  ═════════ ═════════ ═════════ ═════════
At 31 May 2022 394,425 (91,701) 4,731 307,455
  ═════════ ═════════ ═════════ ═════════
       
4. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 May 2023.
   
5. Contingent liabilities
 
Amounts in respect of grants received from LEDU, IFI, Fermanagh District Council, DANI, Industrial Development Programme, Konver, The Millennium Commission, Rural Development Council and The New Opportunities Fund may be partially or fully recoverable in the event of the company failing to honour the conditions stipulated in each letter of offer issued by the above named bodies:- 2023- ?1,965,031 (2022- ?1,965,031).
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.