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 that of providing tourist accommodation and community facilities. 9 May 2024 5 3 NI031906 2023-12-31 NI031906 2022-12-31 NI031906 2021-12-31 NI031906 2023-01-01 2023-12-31 NI031906 2022-01-01 2022-12-31 NI031906 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI031906 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI031906 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI031906 uk-bus:FullAccounts 2023-01-01 2023-12-31 NI031906 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI031906 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI031906 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI031906 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI031906 uk-bus:FRS102 2023-01-01 2023-12-31 NI031906 uk-core:LandBuildings 2023-01-01 2023-12-31 NI031906 uk-core:Land 2023-01-01 2023-12-31 NI031906 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI031906 uk-core:MotorVehicles 2023-01-01 2023-12-31 NI031906 uk-core:WithinOneYear 2023-12-31 NI031906 uk-core:WithinOneYear 2022-12-31 NI031906 uk-core:WithinOneYear 2023-12-31 NI031906 uk-core:WithinOneYear 2022-12-31 NI031906 uk-core:AfterOneYear 2023-12-31 NI031906 uk-core:AfterOneYear 2022-12-31 NI031906 uk-core:BetweenOneTwoYears 2023-12-31 NI031906 uk-core:BetweenOneTwoYears 2022-12-31 NI031906 uk-core:BetweenTwoFiveYears 2023-12-31 NI031906 uk-core:BetweenTwoFiveYears 2022-12-31 NI031906 uk-core:MoreThanFiveYears 2023-12-31 NI031906 uk-core:MoreThanFiveYears 2022-12-31 NI031906 uk-core:OtherMiscellaneousReserve 2022-12-31 NI031906 uk-core:OtherMiscellaneousReserve 2023-01-01 2023-12-31 NI031906 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI031906 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI031906 uk-core:OtherDeferredTax 2023-12-31 NI031906 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 NI031906 uk-core:OtherMiscellaneousReserve 2023-12-31 NI031906 2023-01-01 2023-12-31 NI031906 uk-bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 NI031906 uk-bus:Director4 2023-01-01 2023-12-31 NI031906 uk-bus:Director8 2023-01-01 2023-12-31 NI031906 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
Company Registration Number: NI031906
 
 
Owenkillew Development Company Limited
(A company limited by guarantee, not having a share capital)
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Owenkillew Development Company Limited
(A company limited by guarantee, not having a share capital)
Company Registration Number: NI031906
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 504,119 555,461
───────── ─────────
 
Current Assets
Debtors 5 5,785 10,355
Cash and cash equivalents 61,961 96,957
───────── ─────────
67,746 107,312
───────── ─────────
Creditors: amounts falling due within one year 6 (25,779) (27,237)
───────── ─────────
Net Current Assets 41,967 80,075
───────── ─────────
Total Assets less Current Liabilities 546,086 635,536
 
Creditors:
amounts falling due after more than one year 7 (30,269) (38,583)
 
Provisions for liabilities 9 37,660 24,164
 
Government grants 10 (345,553) (362,840)
───────── ─────────
Net Assets 207,924 258,277
═════════ ═════════
 
Reserves
Income and expenditure account 207,924 258,277
───────── ─────────
Equity attributable to owners of the company 207,924 258,277
═════════ ═════════
 
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 Income and Expenditure 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 9 May 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Kevin Watters     Noel Scott
Director     Director
           



Owenkillew Development Company Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Owenkillew Development Company Limited is a company limited by guarantee incorporated in Northern Ireland. 62A Main Street, Gortin, Co Tyrone 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.
 
Income
Income relates to revenue elements of government grants, community fundraising, community centre income and tourist income.
 
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 - Nil
  Long leasehold property - 4% Straight line
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 25% 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.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
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 income 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 income 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.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income and Expenditure Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income and Expenditure Account when received.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 5 3
  ═════════ ═════════
             
4. Tangible assets
  Land and Long Fixtures, Motor Total
  buildings leasehold fittings and vehicles  
  freehold property equipment    
  £ £ £ £ £
Cost
At 1 January 2023 54,959 1,249,421 285,784 20,300 1,610,464
Additions - - 3,039 - 3,039
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 54,959 1,249,421 288,823 20,300 1,613,503
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 839,912 207,783 7,308 1,055,003
Charge for the financial year - 35,552 16,231 2,598 54,381
  ───────── ───────── ───────── ───────── ─────────
At 31 December 2023 - 875,464 224,014 9,906 1,109,384
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 54,959 373,957 64,809 10,394 504,119
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 December 2022 54,959 409,509 78,001 12,992 555,461
  ═════════ ═════════ ═════════ ═════════ ═════════
 
The property is subject to the amount due on foot of a charge dated 9 March 2009 and made between Owenkillew Development Company Limited of the one part and the Omagh District of the other part.
       
5. Debtors 2023 2022
  £ £
 
Trade debtors 5,785 10,355
  ═════════ ═════════
       
6. Creditors 2023 2022
Amounts falling due within one year £ £
 
Debentures/ Loan Stock 17,000 17,100
Bank loan 4,733 5,925
Taxation  (Note 8) 2,228 2,612
Accruals:
Pension accrual 318 100
Other accruals 1,500 1,500
  ───────── ─────────
  25,779 27,237
  ═════════ ═════════
 
A legal charge over property registered in the name of Owenkillew Development Company Ltd will be used as security over the facility in regards to the loan.
       
7. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 30,269 38,583
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 21,733 23,025
Repayable between one and two years 4,643 6,688
Repayable between two and five years 14,663 15,559
Repayable in five years or more 10,963 16,336
  ───────── ─────────
  52,002 61,608
  ═════════ ═════════
 
 
A legal charge over property registered in the name of Owenkillew Development Company Ltd will be used as security over the facility in regards to the loan.
       
8. Taxation 2023 2022
  £ £
 
Creditors:
VAT 913 226
PAYE / NI 1,315 2,386
  ───────── ─────────
  2,228 2,612
  ═════════ ═════════
           
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start 17,165 (41,329) (24,164) (31,981)
Charged to income and expenditure (3,451) (10,045) (13,496) 7,817
  ───────── ───────── ───────── ─────────
At financial year end 13,714 (51,374) (37,660) (24,164)
  ═════════ ═════════ ═════════ ═════════
       
10. Government Grants Deferred 2023 2022
  £ £
 
Capital grants received and receivable
At 1 January 2023 1,221,454 1,131,226
Increase in financial year 21,060 90,228
  ───────── ─────────
 
At 31 December 2023 1,242,514 1,221,454
  ───────── ─────────
Amortisation
At 1 January 2023 (858,614) (763,295)
Amortised in financial year (38,347) (95,319)
  ───────── ─────────
 
At 31 December 2023 (896,961) (858,614)
  ───────── ─────────
Net book value
At 31 December 2023 345,553 362,840
  ═════════ ═════════
At 1 January 2023 362,840 367,931
  ═════════ ═════════