Dervock & District Community Association NI035266 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to promote regeneration in the Dervock Area Digita Accounts Production Advanced 6.30.9574.0 true true NI035266 2023-04-01 2024-03-31 NI035266 2024-03-31 NI035266 core:CurrentFinancialInstruments 2024-03-31 NI035266 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI035266 core:FurnitureFittingsToolsEquipment 2024-03-31 NI035266 bus:SmallEntities 2023-04-01 2024-03-31 NI035266 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI035266 bus:FilletedAccounts 2023-04-01 2024-03-31 NI035266 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI035266 bus:RegisteredOffice 2023-04-01 2024-03-31 NI035266 bus:Director1 2023-04-01 2024-03-31 NI035266 bus:Director6 2023-04-01 2024-03-31 NI035266 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 NI035266 core:FurnitureFittings 2023-04-01 2024-03-31 NI035266 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI035266 countries:NorthernIreland 2023-04-01 2024-03-31 NI035266 2023-03-31 NI035266 core:FurnitureFittingsToolsEquipment 2023-03-31 NI035266 2022-04-01 2023-03-31 NI035266 2023-03-31 NI035266 core:CurrentFinancialInstruments 2023-03-31 NI035266 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI035266 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: NI035266

Dervock & District Community Association

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Dervock & District Community Association

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Dervock & District Community Association

(Registration number: NI035266)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,773

5,966

Investment property

5

275,000

275,000

 

279,773

280,966

Current assets

 

Debtors

6

4,713

3,510

Cash at bank and in hand

 

59,501

52,823

 

64,214

56,333

Creditors: Amounts falling due within one year

7

(2,302)

(1,828)

Net current assets

 

61,912

54,505

Net assets

 

341,685

335,471

Reserves

 

Retained earnings

341,685

335,471

Surplus

 

341,685

335,471

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Mr David McKeown
Director

.........................................
Mr Ivan Patrick
Director

 
     
 

Dervock & District Community Association

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

1

General information

The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 12 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Dervock & District Community Association

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for rents receivable or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Dervock & District Community Association

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

18,281

18,281

At 31 March 2024

18,281

18,281

Depreciation

At 1 April 2023

12,315

12,315

Charge for the year

1,193

1,193

At 31 March 2024

13,508

13,508

Carrying amount

At 31 March 2024

4,773

4,773

At 31 March 2023

5,966

5,966

5

Investment properties

2024
£

At 1 April

275,000

At 31 March

275,000

The investment property was valued on 31 March 2024 by the directors. The basis of this valuation was fair value.

6

Debtors

2024
£

2023
£

Trade debtors

1,212

1,598

Prepayments

3,421

1,912

Other debtors

80

-

4,713

3,510

 

Dervock & District Community Association

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Social security and other taxes

 

-

189

Accruals

 

565

520

Income tax liability

1,737

1,119

 

2,302

1,828