Down Business Centre Limited NI019220 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Other letting and operating of own or leased real estate and other business support service activities not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true NI019220 2023-04-01 2024-03-31 NI019220 2024-03-31 NI019220 core:CurrentFinancialInstruments 2024-03-31 NI019220 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI019220 core:Non-currentFinancialInstruments 2024-03-31 NI019220 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI019220 core:FurnitureFittingsToolsEquipment 2024-03-31 NI019220 core:LandBuildings 2024-03-31 NI019220 bus:SmallEntities 2023-04-01 2024-03-31 NI019220 bus:Audited 2023-04-01 2024-03-31 NI019220 bus:FilletedAccounts 2023-04-01 2024-03-31 NI019220 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI019220 bus:RegisteredOffice 2023-04-01 2024-03-31 NI019220 bus:Chairman 2023-04-01 2024-03-31 NI019220 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 NI019220 bus:Director10 2023-04-01 2024-03-31 NI019220 bus:Director11 2023-04-01 2024-03-31 NI019220 bus:Director12 2023-04-01 2024-03-31 NI019220 bus:Director13 2023-04-01 2024-03-31 NI019220 bus:Director14 2023-04-01 2024-03-31 NI019220 bus:Director15 2023-04-01 2024-03-31 NI019220 bus:Director2 2023-04-01 2024-03-31 NI019220 bus:Director7 2023-04-01 2024-03-31 NI019220 bus:Director8 2023-04-01 2024-03-31 NI019220 bus:Director9 2023-04-01 2024-03-31 NI019220 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 NI019220 core:Buildings 2023-04-01 2024-03-31 NI019220 core:FurnitureFittings 2023-04-01 2024-03-31 NI019220 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI019220 core:LandBuildings 2023-04-01 2024-03-31 NI019220 core:OfficeEquipment 2023-04-01 2024-03-31 NI019220 countries:NorthernIreland 2023-04-01 2024-03-31 NI019220 2023-03-31 NI019220 core:FurnitureFittingsToolsEquipment 2023-03-31 NI019220 core:LandBuildings 2023-03-31 NI019220 2022-04-01 2023-03-31 NI019220 2023-03-31 NI019220 core:CurrentFinancialInstruments 2023-03-31 NI019220 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI019220 core:Non-currentFinancialInstruments 2023-03-31 NI019220 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI019220 core:FurnitureFittingsToolsEquipment 2023-03-31 NI019220 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Company registration number: NI019220
Charity registration number: 107516

Down Business Centre Limited

trading as Down Business Centre Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Down Business Centre Limited

trading as Down Business Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Down Business Centre Limited

trading as Down Business Centre Limited

Company Information

Chairman

Mr Patrick Michael Morrissey

Directors

Ms Linda Beers

Mr Joe McCoubrey

Mr Patrick Brown

Miss Mary - Louise Press

Mr Mark John Murnin

Mr Brendan Lowry

Ms Alison Matthews

Mr Gareth Sharvin

Elaine Flynn

Damian Campbell

Philip Campbell

Company secretary

Ms Linda Beers

Registered office

Down Business Park
46 Belfast Road
Downpatrick
Co Down
BT30 9UP

Auditors

KPS Accountants Limited
35 Irish Street
Downpatrick
Co. Down
BT30 6BW

 

Down Business Centre Limited

trading as Down Business Centre Limited

(Registration number: NI019220)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,721,160

1,534,506

Current assets

 

Debtors

5

72,664

23,036

Cash at bank and in hand

 

147,344

209,056

 

220,008

232,092

Creditors: Amounts falling due within one year

6

(88,969)

(46,989)

Net current assets

 

131,039

185,103

Total assets less current liabilities

 

1,852,199

1,719,609

Creditors: Amounts falling due after more than one year

6

(1,078,148)

(982,475)

Net assets

 

774,051

737,134

Reserves

 

Retained earnings

774,051

737,134

Surplus

 

774,051

737,134

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 2 September 2024 and signed on its behalf by:
 

.........................................
Mr Joe McCoubrey
Director

.........................................
Mr Patrick Michael Morrissey
Chairman

 

Down Business Centre Limited

trading as Down Business Centre Limited

Notes to the 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:
Down Business Park
46 Belfast Road
Downpatrick
Co Down
BT30 9UP

These financial statements were authorised for issue by the Board on 2 September 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.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 2 September 2024 was Kyran Smyth, who signed for and on behalf of KPS Accountants Limited.

.........................................

 

Down Business Centre Limited

trading as Down Business Centre Limited

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

Revenue recognition

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

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

Freehold Property

2% Straight Line Method

Office Equipment

20% Reducing Balance Method

Fixtures and Fittings

10% Reducing Balance Method

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Down Business Centre Limited

trading as Down Business Centre Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 5).

 

Down Business Centre Limited

trading as Down Business Centre Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,573,731

228,008

2,801,739

Additions

244,708

2,200

246,908

At 31 March 2024

2,818,439

230,208

3,048,647

Depreciation

At 1 April 2023

1,069,592

197,556

1,267,148

Charge for the year

56,367

3,972

60,339

At 31 March 2024

1,125,959

201,528

1,327,487

Carrying amount

At 31 March 2024

1,692,480

28,680

1,721,160

At 31 March 2023

1,504,054

30,452

1,534,506

Included within the net book value of land and buildings above is £1,692,480 (2023 - £1,504,053) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

64,466

18,005

Prepayments

8,198

5,031

 

72,664

23,036

 

Down Business Centre Limited

trading as Down Business Centre Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

44,336

19,745

Trade creditors

 

21,569

-

Taxation and social security

 

20,018

16,666

Accruals and deferred income

 

2,421

10,109

Other creditors

 

625

469

 

88,969

46,989

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

364,864

222,535

Deferred income

 

713,284

759,940

 

1,078,148

982,475

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

364,864

222,535

Current loans and borrowings

2024
£

2023
£

Bank borrowings

44,336

19,745

 

Down Business Centre Limited

trading as Down Business Centre Limited

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

8

Related party transactions

During the year the charity made the following related party transactions:

Directors (Trustees)
During the year an amount of £42,843 (2023: £41,777) was paid to three directors for consultancy services provided in relation to the delivery of external business support services under various funded programmes.
At the balance sheet date the amount due to/from Directors (Trustees) was £Nil (2023 - £Nil)