Registered number
NI034498
East Border Region Limited
Filleted Accounts
31 December 2023
East Border Region Limited
Filleted Accounts
for the year ended 31 December 2023
Contents
Page
Balance Sheet 2
Notes to the Accounts 3-6
East Border Region Limited
Registered number: NI034498
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,854 22,702
Current assets
Debtors 5 346,860 360,864
Cash at bank and in hand 228,846 272,652
575,706 633,516
Creditors: amounts falling due within one year 6 (541,039) (598,849)
Net current assets 34,667 34,667
Total assets less current liabilities 46,521 57,369
Provisions for liabilities 8 (11,854) (22,702)
Net assets 34,667 34,667
Capital and reserves
Profit and loss account 34,667 34,667
Shareholders' funds 34,667 34,667
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Cllr Terry Andrews
Director
Approved by the board on 5 September 2024
East Border Region Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Grants are receivable from the following bodies in accordance with the conditions set out within the strategy document issued by the Board:
Armagh City, Banbridge and Craigavon Borough Council
Newry, Mourne and Down District Council
Ards and North Down Borough Council
Monaghan County Council
Meath County Council
Louth County Council
S.E.U.P.B.
The Reconciliation Fund
Briefly, the company is entitled to draw down on funds granted to them, to cover administration costs, when the relevant expenditure has been committed.
Grants drawn down in respect of administration and project costs, have been shown as turnover within the profit and loss account. Grants drawn down in respect of capital expenditure, have been capitalised within the balance sheet and are then amortised through the income and expenditure account to match the related depreciation.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
2 Audit information
The audit report is unqualified.
Name of the statutory auditor: Stephen Kearney FCA
Firm: Fitzpatrick & Kearney Ltd
Chartered Accountants & Registered Auditors
Date of Audit Report 5 September 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
4 Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 January 2023 149,349
Additions 1,258
At 31 December 2023 150,607
Depreciation
At 1 January 2023 126,647
Charge for the year 12,106
At 31 December 2023 138,753
Net book value
At 31 December 2023 11,854
At 31 December 2022 22,702
5 Debtors 2023 2022
£ £
Project Debtors 337,450 360,864
Other debtors 9,410 -
346,860 360,864
6 Creditors: amounts falling due within one year 2023 2022
£ £
Grants in advance 475,227 515,998
Annual funding in advance 30,000 30,000
Accruals 35,760 52,228
Other creditors 52 623
541,039 598,849
7 Financial instruments 2023 2022
£ £
Debt instruments measured at amortised cost:
- Trade debtors (note 5) 337,450 360,864
- Other debtors (note 5) 9,410 -
346,860 360,864
Financial liabilities
Measured at amortised cost
- Grants in advance (note 6) 475,227 515,998
- Annual funding in advance (note 6) 30,000 30,000
- Other creditors (notes 6) 52 623
505,279 546,621
8 Amortisation of Grants 2023 2022
£ £
At 1 January 22,702 34,153
Grants received for FA Additions 1,258 340
Charged to profit and loss account (12,106) (11,791)
At 31 December 11,854 22,702
Grants that are received and utilised to acquire fixtures and fittings are initially amortised and then released against the resultant depreciation. This recognises that the initial expenditure will have benefits over the useful lifetime of the acquired asset. This is in line with the depreciation policy of fixture and fittings.
9 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
10 Capital commitments
There were no capital commitments at the year end.
11 Pension commitments
The company has a money purchase scheme in operation for some of its employees. The funds are managed externally from the company by Royal London Pension. In the year ended 31 December 2023, the company made contributions of behalf of employees totalling £72,231 (2022: £69,817).
12 Contingent liabilities
There were no contingent liabilities at the year end.
13 Related party transactions
All related party transactions in the year ended 31 December 2023, were conducted on normal business terms.
14 Controlling party
The grouping of bodies identified in the turnover accounting policy note above have been identified as the controlling parties of the company. Control is exercised through Board representation.
15 Projects
During the year ended 31 December 2023, East Border Region Ltd was in receipt of monies in relation to financial and non-financial management services provided for projects undertaken under the Interreg SEUPB programme.
16 Other information
East Border Region Limited is a company limited by guarantee and incorporated in Northern Ireland. Its registered office is:
2 Monaghan Court
Newry
Co. Down
BT35 6BH
The company has no share capital. In the event of the company being wound up with debts outstanding, each member has guaranteed to pay into the company a sum of money not exceeding £1.
East Border Region Limited NI034498 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Cllr Terry Andrews No description of principal activity NI034498 2022-01-01 2022-12-31 NI034498 core:WithinOneYear 2022-12-31 NI034498 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI034498 2023-01-01 2023-12-31 NI034498 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI034498 bus:Audited 2023-01-01 2023-12-31 NI034498 bus:Director40 2023-01-01 2023-12-31 NI034498 1 2023-01-01 2023-12-31 NI034498 2 2023-01-01 2023-12-31 NI034498 core:PlantMachinery 2023-01-01 2023-12-31 NI034498 1 2023-01-01 2023-12-31 NI034498 countries:England 2023-01-01 2023-12-31 NI034498 bus:FRS102 2023-01-01 2023-12-31 NI034498 bus:FilletedAccounts 2023-01-01 2023-12-31 NI034498 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI034498 2023-12-31 NI034498 core:WithinOneYear 2023-12-31 NI034498 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI034498 core:PlantMachinery 2023-12-31 NI034498 2022-12-31 NI034498 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure