BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is to increase prosperity and employment opportunities in the village of Drumquin. The Company rents out office space and industrial units to businesses as a means of generating income. 28 June 2024 0 0 NI027037 2023-12-31 NI027037 2022-12-31 NI027037 2021-12-31 NI027037 2023-01-01 2023-12-31 NI027037 2022-01-01 2022-12-31 NI027037 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI027037 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI027037 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI027037 uk-bus:FullAccounts 2023-01-01 2023-12-31 NI027037 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI027037 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI027037 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI027037 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI027037 uk-bus:FRS102 2023-01-01 2023-12-31 NI027037 uk-core:LandBuildings 2023-01-01 2023-12-31 NI027037 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI027037 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI027037 uk-core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI027037 uk-core:WithinOneYear 2023-12-31 NI027037 uk-core:WithinOneYear 2022-12-31 NI027037 uk-core:OtherMiscellaneousReserve 2022-12-31 NI027037 uk-core:OtherMiscellaneousReserve 2023-01-01 2023-12-31 NI027037 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI027037 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI027037 uk-core:OtherDeferredTax 2023-12-31 NI027037 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 NI027037 uk-core:OtherMiscellaneousReserve 2023-12-31 NI027037 2023-01-01 2023-12-31 NI027037 uk-bus:Director1 2023-01-01 2023-12-31 NI027037 uk-bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 NI027037 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI027037
 
 
Drumquin Enterprise Limited
(A company limited by guarantee, not having a share capital)
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Drumquin Enterprise Limited
(A company limited by guarantee, not having a share capital)
Company Registration Number: NI027037
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 232,959 243,040
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Current Assets
Cash and cash equivalents 67,716 60,153
Creditors: amounts falling due within one year 5 (10,176) (10,749)
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Net Current Assets 57,540 49,404
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Total Assets less Current Liabilities 290,499 292,444
 
Provisions for liabilities 7 (1,697) (2,025)
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Net Assets 288,802 290,419
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Reserves
Retained surplus 288,802 290,419
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Equity attributable to owners of the company 288,802 290,419
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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).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 December 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 28 June 2024 and signed on its behalf by
           
           
           
________________________________     ________________________________
Mr George Kerr     Mr William John McLaughlin
Director     Director
           



Drumquin Enterprise Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Drumquin Enterprise Limited is a company limited by guarantee incorporated in Northern Ireland. 8a Castlederg Road, Drumquin, Co Tyrone, BT78 4PH is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. 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 December 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 represents the total invoice value, excluding value added tax, of sales made during the year.
 
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 - 2% Straight Line
  Fixtures and Fittings - 20% Reducing Balance
  Millenium Clock - 2% Reducing Balance
  Lift - 5% Straight Line
 
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.
 
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 and deferred 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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 0, (2022 - 0).
             
4. Tangible assets
  Land and Fixtures and Millenium Clock Lift Total
  buildings Fittings      
  freehold        
  £ £ £ £ £
Cost
At 1 January 2023 417,756 17,291 1,713 24,000 460,760
  ───────── ───────── ───────── ───────── ─────────
 
At 31 December 2023 417,756 17,291 1,713 24,000 460,760
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 185,382 14,754 784 16,800 217,720
Charge for the financial year 8,355 507 19 1,200 10,081
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 193,737 15,261 803 18,000 227,801
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 224,019 2,030 910 6,000 232,959
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 232,374 2,537 929 7,200 243,040
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Creditors 2023 2022
Amounts falling due within one year £ £
 
Drumquin Development Association 5,119 4,289
Trade creditors 1,000 1,000
Taxation  (Note 6) 2,507 3,910
Accruals 1,550 1,550
  ───────── ─────────
  10,176 10,749
  ═════════ ═════════
       
6. Taxation 2023 2022
  £ £
 
Creditors:
VAT 598 383
Corporation tax 1,909 3,527
  ───────── ─────────
  2,507 3,910
  ═════════ ═════════
         
7. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 2,025 2,025 2,199
Charged to profit and loss (328) (328) (174)
  ───────── ───────── ─────────
At financial year end 1,697 1,697 2,025
  ═════════ ═════════ ═════════
           
8. Related party transactions
 
Drumquin Enterprise Ltd is closely connected to Drumquin Development Association. At the start of the year, Drumquin Enterprise Limited owed Drumquin Development Association £4,289. During the year Drumquin Enterprise Limited repaid £420 and borrowed £1,250 leaving a closing balance owing to Drumquin Development Association of £5,119 (2022:£4,289) and this is included in the creditors section of the balance sheet.
 
At the start of the year £1,000 was owed to a director of Drumquin Enterprise Ltd for a creditor they paid on behalf of the company. At the year end the closing balance owed to the director is £1,000 (2022:£1,000) and this has been included in the creditors section of the balance sheet.