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COMPANY REGISTRATION NUMBER: NI015636
Fermanagh Properties Limited
Financial Statements
30 November 2023
Fermanagh Properties Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Fermanagh Properties Limited
Officers and Professional Advisers
The board of directors
Mr A T Cadden
Mrs E H Cadden
Mr M J Cadden
Mr D Cadden
Company secretary
Mr A T Cadden
Registered office
74 Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ
Auditor
SP McCaffrey & Co
Chartered accountants & statutory auditor
50 Campsie Road
Omagh
Co Tyrone
BT79 0AG
Bankers
Allied Irish Bank
2-4 East Bridge Street
Enniskillen
Co Fermanagh
BT74 7BT
Solicitors
McHugh Lynam
33 East Bridge Street
Enniskillen
Co Fermanagh
BT74 7BW
Fermanagh Properties Limited
Strategic Report
Year ended 30 November 2023
This strategic report complies with the Companies Act 2006 and is in line with current best practice. It is addressed to, and written for, the members of Fermanagh Properties Limited with the aim of providing a fair review of our business development, performance and position at the current time. In producing this review, we aim to present a view that is balanced and comprehensive and that is consistent with the size and complexity of our business. The review is written in the context of the risks and uncertainties facing our business. We anticipate that the format and context of the review with evolve over time, along with developments in our business and external environment
Fair review of the company's business
We are Fermanagh Properties Limited , based in Co Fermanagh, Northern Ireland. Fermanagh Properties are an independent company in the tourism and catering sector, comprising the operation of a high quality tourism resort (Lusty Beg Island) and licensed premises (Pats Bar). We measure our success through KPI's, which can be found in the following section.
Key performance indicators
The Companies Act requires that a fair review of the business contains financial and, where applicable, non-financial key performance indicators (KPI's). We consider that our financial KPI's are those that communicate to the members the financial performance and strength of the company as a whole. These KPI's comprise: - Company turnover - Company gross profit percentage Company Turnover Company turnover increased by £293,447 from £5,409,943 in 2022 to £5,703,390 in 2023. This was an increase of 5.1% (2022 Increase of 42.5%). Company Gross Profit Percentage Maintaining gross profit margin in the tourism sector is a challenge, with competition from both Northern Ireland and the Republic of Ireland. Despite the prevailing market conditions, gross profit margins remained strong during the year.
Principal risks and uncertainties
The directors consider that the company faces the following risks on a day to day basis: - political and economic uncertainty - continued expansion of tourism in Ireland
This report was approved by the board of directors on 23 August 2024 and signed on behalf of the board by:
Mr M J Cadden
Director
Registered office:
74 Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ
Fermanagh Properties Limited
Directors' Report
Year ended 30 November 2023
The directors present their report and the financial statements of the company for the year ended 30 November 2023 .
Directors
The directors who served the company during the year were as follows:
Mr A T Cadden
Mrs E H Cadden
Mr M J Cadden
Mr D Cadden
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The directors wish to continue to develop and expand the business through organic growth.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 23 August 2024 and signed on behalf of the board by:
Mr M J Cadden
Director
Registered office:
74 Forthill Street
Enniskillen
Co Fermanagh
BT74 6AJ
Fermanagh Properties Limited
Independent Auditor's Report to the Members of Fermanagh Properties Limited
Year ended 30 November 2023
Opinion
We have audited the financial statements of Fermanagh Properties Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect irregularities, including fraud and non compliance with laws and regulations, we considered the following: -the ability of management to override controls-the nature of the industry and sector, together with the performance of the entity-the use of estimates and judgements in the preparation of financial statements As a result of the above we have considered the opportunities that may exist within the entity for fraud and identified the greatest potential for fraud to be management override of controls. In common with all audits under ISAs (UK)we are required to perform specific procedures to respond to the risk of management override. In response to the above potential risks we have responded by: -we review minutes of meetings for reference to any breaches in laws and regulations and past instances of fraud-we discuss risk of fraud at the audit team meeting, including fraud relating to revenue recognition, related parties, and management override and financial statements disclosures -we discuss with management as to how they access, identify and respond to fraud risk within the company. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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 the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Gary Thompson
(Senior Statutory Auditor)
For and on behalf of
SP McCaffrey & Co
Chartered accountants & statutory auditor
50 Campsie Road
Omagh
Co Tyrone
BT79 0AG
23 August 2024
Fermanagh Properties Limited
Statement of Income and Retained Earnings
Year ended 30 November 2023
2023
2022
Note
£
£
Turnover
4
5,703,390
5,409,943
Cost of sales
1,830,525
1,522,658
------------
------------
Gross profit
3,872,865
3,887,285
Administrative expenses
3,695,273
3,695,548
Other operating income
2,574
20,137
------------
------------
Operating profit
5
180,166
211,874
Interest payable and similar expenses
8
97,613
82,889
------------
------------
Profit before taxation
82,553
128,985
Tax on profit
9
111,144
31,524
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 28,591)
97,461
---------
---------
Retained earnings at the start of the year
2,985,478
2,888,017
------------
------------
Retained earnings at the end of the year
2,956,887
2,985,478
------------
------------
All the activities of the company are from continuing operations.
Fermanagh Properties Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
10
6,066,820
6,363,722
Current assets
Stocks
11
54,155
66,047
Debtors
12
150,041
241,788
Cash at bank and in hand
349,257
181,695
---------
---------
553,453
489,530
Creditors: amounts falling due within one year
14
2,948,634
2,893,114
------------
------------
Net current liabilities
2,395,181
2,403,584
------------
------------
Total assets less current liabilities
3,671,639
3,960,138
Creditors: amounts falling due after more than one year
15
417,581
697,821
Provisions
17
246,170
225,838
------------
------------
Net assets
3,007,888
3,036,479
------------
------------
Capital and reserves
Called up share capital
20
51,001
51,001
Profit and loss account
2,956,887
2,985,478
------------
------------
Shareholders funds
3,007,888
3,036,479
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr M J Cadden
Director
Company registration number: NI015636
Fermanagh Properties Limited
Statement of Cash Flows
Year ended 30 November 2023
2023
2022
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 28,591)
97,461
Adjustments for:
Depreciation of tangible assets
407,811
447,541
Interest payable and similar expenses
97,613
82,889
Tax on profit
111,144
31,524
Accrued expenses/(income)
2,672
( 3,342)
Changes in:
Stocks
11,892
20,040
Trade and other debtors
91,747
( 74,203)
Trade and other creditors
103,672
( 174,014)
---------
---------
Cash generated from operations
797,960
427,896
Interest paid
( 97,613)
( 82,889)
Tax paid
( 15,001)
( 48,597)
---------
---------
Net cash from operating activities
685,346
296,410
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 110,909)
( 467,698)
---------
---------
Net cash used in investing activities
( 110,909)
( 467,698)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 424,175)
( 507,939)
Payments of finance lease liabilities
3,774
194,116
---------
---------
Net cash used in financing activities
( 420,401)
( 313,823)
---------
---------
Net increase/(decrease) in cash and cash equivalents
154,036
( 485,111)
Cash and cash equivalents at beginning of year
181,695
666,805
---------
---------
Cash and cash equivalents at end of year
13
335,731
181,694
---------
---------
Fermanagh Properties Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 74 Forthill Street, Enniskillen, Co Fermanagh, BT74 6AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment Properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Short term employee benefits
The company provides short term benefits including holiday pay to their employees. These are recognised as an expense in the period in which the service is received.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
3,529,211
3,484,210
Rendering of services
2,170,929
1,920,017
Rental Income
3,250
5,716
------------
------------
5,703,390
5,409,943
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
407,811
447,541
Operating lease rentals
3,476
16,614
Foreign exchange differences
69
195
---------
---------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
6,000
6,000
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
4
4
Management staff
12
13
Number of other staff - hotel & catering
153
150
Number of other staff - sales
1
1
----
----
170
168
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,134,903
2,054,172
Other pension costs
28,844
30,562
------------
------------
2,163,747
2,084,734
------------
------------
8. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
90,138
77,713
Interest on obligations under finance leases and hire purchase contracts
7,475
5,176
--------
--------
97,613
82,889
--------
--------
9. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
90,812
Deferred tax:
Origination and reversal of timing differences
20,332
31,524
---------
--------
Tax on profit
111,144
31,524
---------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
82,553
128,985
--------
---------
Profit on ordinary activities by rate of tax
20,638
24,507
Effect of capital allowances and depreciation
90,506
7,017
---------
---------
Tax on profit
111,144
31,524
---------
---------
10. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Investment Property
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
7,454,634
4,535,045
276,499
23,280
217,500
12,506,958
Additions
52,754
57,980
175
110,909
------------
------------
---------
--------
---------
-------------
At 30 Nov 2023
7,454,634
4,587,799
334,479
23,455
217,500
12,617,867
------------
------------
---------
--------
---------
-------------
Depreciation
At 1 Dec 2022
2,590,597
3,274,141
264,365
14,133
6,143,236
Charge for the year
125,220
262,731
17,529
2,331
407,811
------------
------------
---------
--------
---------
-------------
At 30 Nov 2023
2,715,817
3,536,872
281,894
16,464
6,551,047
------------
------------
---------
--------
---------
-------------
Carrying amount
At 30 Nov 2023
4,738,817
1,050,927
52,585
6,991
217,500
6,066,820
------------
------------
---------
--------
---------
-------------
At 30 Nov 2022
4,864,037
1,260,904
12,134
9,147
217,500
6,363,722
------------
------------
---------
--------
---------
-------------
Land & Buildings Included within freehold property is land of £1,193,627 (2022: £1,193,627) which is not depreciated. Investment Property In accordance with FRS 102, section 16 'Investment Properties', disclosure relating to property owned by the company is required. - the fair value of the property is determined using values of similar properties in the area, which have been sold within a recent timescale. - no valuation by an independent valuer has been undertaken in the current or previous financial year.
11. Stocks
2023
2022
£
£
Raw materials and consumables
54,155
66,047
--------
--------
12. Debtors
2023
2022
£
£
Trade debtors
75,645
139,118
Prepayments and accrued income
32,524
39,618
DAMIRACO Ltd
21,380
Sign Design Ltd
38,660
38,660
Other debtors
3,212
3,012
---------
---------
150,041
241,788
---------
---------
13. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
349,257
181,695
Bank overdrafts
( 13,526)
---------
---------
335,731
181,695
---------
---------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
196,717
272,250
Trade creditors
323,488
329,795
Accruals and deferred income
238,852
300,541
Corporation tax
166,760
90,949
Social security and other taxes
167,795
131,614
Obligations under finance leases and hire purchase contracts
55,693
47,359
Director loan accounts
1,593,989
1,653,425
Wage Accrual
26,135
25,010
Other creditors
179,205
42,171
------------
------------
2,948,634
2,893,114
------------
------------
The following securities are held by the First Trust Bank over loan amounts outstanding: - Mortgage debenture incorporating a fixed and floating charge over all company assets present and future - Legal Mortgage/charge over Pat's Bar 1-5 Townhall Street Enniskillen - Legal Mortgage/charge over lands & buildings incorporated within Lusty Beg Island Resort - Legal Mortgage/charge over 33-35 Darling Street - Letter of Guarantee for £500,000 - Unlimited letter of guarantee
15. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
267,978
543,658
Obligations under finance leases and hire purchase contracts
149,603
154,163
---------
---------
417,581
697,821
---------
---------
16. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
55,693
47,359
Later than 1 year and not later than 5 years
149,603
154,163
---------
---------
205,296
201,522
---------
---------
17. Provisions
Deferred tax (note 18)
£
At 1 December 2022
225,838
Additions
20,332
---------
At 30 November 2023
246,170
---------
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 17)
246,170
225,838
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
246,170
225,838
---------
---------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 28,844 (2022: £ 30,562 ).
20. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
51,001
51,001
51,001
51,001
--------
--------
--------
--------
21. Analysis of changes in net debt
At 1 Dec 2022
Cash flows
At 30 Nov 2023
£
£
£
Cash at bank and in hand
181,695
167,562
349,257
Bank overdrafts
(13,526)
(13,526)
Debt due within one year
(1,973,034)
140,161
(1,832,873)
Debt due after one year
(697,821)
280,240
(417,581)
------------
---------
------------
( 2,489,160)
574,437
( 1,914,723)
------------
---------
------------
22. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,475
----
-------
Fermanagh Properties Limited
Notes to the Financial Statements (continued)
Year ended 30 November 2023
23. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A T Cadden
( 1,653,425)
59,436
( 1,593,989)
------------
--------
------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A T Cadden
( 1,753,683)
100,258
( 1,653,425)
------------
---------
------------
24. Related party transactions
DAMIRACO Ltd is a related party of Fermanagh Properties Limited due to two common directors, Mr M Cadden and Mr D Cadden . At the balance sheet date, the company owed DAMIRACO Ltd £161,641 (included within Other Creditors at Note 14 above). Sign Designs Ltd is also a related party as Mr M Cadden is director of both. At balance sheet date Sign Designs Ltd owed the company £38,659 (2022: £38,659).