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REGISTERED NUMBER: NI027882 (Northern Ireland)















Financial Statements

for the Year Ended 31 October 2023

for

Erne Leisure Development Company Limited

Erne Leisure Development Company Limited (Registered number: NI027882)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Erne Leisure Development Company Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr Serge Naim
M/s Ophelie Barriere
Mr Andrew McBride



SECRETARY: Mr Andrew McBride



REGISTERED OFFICE: Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BUSINESS ADDRESS: Unit 1, First Floor
3 Fairgreen Road
Markethill
Co. Armagh
BT60 1PW



REGISTERED NUMBER: NI027882 (Northern Ireland)



AUDITORS: McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BANKERS: Bank of Ireland
13 Market Street
Lurgan
Co. Armagh
BT66 6AR

Erne Leisure Development Company Limited (Registered number: NI027882)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 988,724 1,024,163

CURRENT ASSETS
Stocks 124,921 100,692
Debtors 5 1,407,475 1,427,105
Cash at bank and in hand 14,017 28,189
1,546,413 1,555,986
CREDITORS
Amounts falling due within one year 6 115,979 140,544
NET CURRENT ASSETS 1,430,434 1,415,442
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,419,158

2,439,605

CREDITORS
Amounts falling due after more than one
year

7

(1,144,145

)

(1,144,145

)

PROVISIONS FOR LIABILITIES (208,716 ) (155,402 )

ACCRUALS AND DEFERRED INCOME (125,086 ) (158,609 )
NET ASSETS 941,211 981,449

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 24,788 25,821
Retained earnings 916,323 955,528
SHAREHOLDERS' FUNDS 941,211 981,449

Erne Leisure Development Company Limited (Registered number: NI027882)

Balance Sheet - continued
31 October 2023


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 29 January 2024 and were signed on its behalf by:





Mr Andrew McBride - Director


Erne Leisure Development Company Limited (Registered number: NI027882)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Erne Leisure Development Company Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over the life of the lease
Plant and machinery etc - 33% on cost, 20% on cost, 20% on reducing balance, 10% on reducing balance, 10% on cost, 4% on reducing balance and at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Erne Leisure Development Company Limited (Registered number: NI027882)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

Erne Leisure Development Company Limited (Registered number: NI027882)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Short Cruiser Plant and
leasehold fleet machinery
£    £    £   
COST
At 1 November 2022 11,967 1,253,241 69,257
Additions - 44,112 9,606
Disposals - (90,805 ) -
At 31 October 2023 11,967 1,206,548 78,863
DEPRECIATION
At 1 November 2022 10,169 284,640 47,806
Charge for year 359 28,090 7,007
Eliminated on disposal - (35,160 ) -
At 31 October 2023 10,528 277,570 54,813
NET BOOK VALUE
At 31 October 2023 1,439 928,978 24,050
At 31 October 2022 1,798 968,601 21,451

Office &
sundry Motor
equipment vehicles Totals
£    £    £   
COST
At 1 November 2022 57,650 26,683 1,418,798
Additions 9,422 - 63,140
Disposals - - (90,805 )
At 31 October 2023 67,072 26,683 1,391,133
DEPRECIATION
At 1 November 2022 30,708 21,312 394,635
Charge for year 5,732 1,746 42,934
Eliminated on disposal - - (35,160 )
At 31 October 2023 36,440 23,058 402,409
NET BOOK VALUE
At 31 October 2023 30,632 3,625 988,724
At 31 October 2022 26,942 5,371 1,024,163

At the year end the directors feel that the fair value of the cruiser fleet, is not materially different to the carrying amount.

Erne Leisure Development Company Limited (Registered number: NI027882)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,695 (227 )
Amounts owed by group undertakings 1,396,630 1,419,557
Other debtors 9,150 7,775
1,407,475 1,427,105

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 33,250 37,023
Taxation and social security 44,966 28,220
Other creditors 37,763 75,301
115,979 140,544

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.10.23 31.10.22
£    £   
Amounts owed to group undertakings 1,144,145 1,144,145

8. SECURED DEBTS

The company's bank overdraft is secured by an unlimited composite guarantee from Erne Leisure Development Company Limited, Shannon Leisure Development Company Limited and Lakeview Marina Limited. The bank also has first fixed charge over boats and vessels.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Revaluation
reserve
£   
At 1 November 2022 25,821
Transfer from other reserves (1,033 )

At 31 October 2023 24,788

Erne Leisure Development Company Limited (Registered number: NI027882)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

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

The Report of the Auditors was unqualified.

Warren McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd


McCleary & Company Ltd.

12. OTHER FINANCIAL COMMITMENTS

At the year end the company had annual commitments under non-cancellable operating leases as follows:

31.10.2331.10.22
£   £   

Expiry date:
Between one and five years16,02016,020


13. RELATED PARTY DISCLOSURES

Erne Leisure Development Company Limited ("ELDC"), Shannon Leisure Development Company Limited ("SLDC"), and Hausboot Irland GmbH ("HBI"), are all wholly owned subsidiaries of Lakeview Marina Limited ("LM").

Lakeview Marina Limited
The amount owed to LM at the year end was £1,144,145 (2022: £1,144,145). No interest was charged in the year.

Shannon Leisure Development Company Limited
ELDC charged SLDC £338,440 for services, and £27,801 for other sundry items supplied during the year. SLDC paid expenses of £13,508 on behalf of ELDC. At the year end the amount due from SLDC amounted to £1,396,630 (2022: £1,419,557).

The company is a wholly owned subsidiary of Lakeview Marina Limited, a company incorporated in the Republic of Ireland. Lakeview Marina Limited is a 100% owned subsidiary of Locaboat Developpement SAS, a company registered in France. The registered office address of Locaboat Developpement SAS is 60 rue Saint Andre des Arts, 75006 Paris.

The ultimate controlling party is Locaboat Group SAS, which owns 100% of Locaboat Developpement SAS and is deemed to have control. Locaboat Group SAS is registered in France. The registered office is at 60 rue Saint Andre des Arts, 75006 Paris.