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COMPANY REGISTRATION NUMBER: NI055734
Ulster Rifle Association
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
Ulster Rifle Association
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
11
Ulster Rifle Association
Company Limited by Guarantee
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr S McCrea
Mr P Ayre
Mr D Cully
Mr T Donnan
Mr J Frame
Mr C Gourley
Mr P Magee
Mr T Steele
Mr R Wilson
Mr S McKee
MrS Dinkin
Mr A S Denny
Mr P Donley
Mr I Duncan
Mr R Irvine
T O'Reilly
(Appointed 1 April 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 September 2024 and signed on behalf of the board by:
Mr S McCrea
Mr Ray Wilson
Company Secretary
Registered office:
c/o 631 Lisburn Road
Belfast
BT9 7GT
Ulster Rifle Association
Company Limited by Guarantee
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
87,624
75,778
Cost of sales
17,476
17,857
--------
--------
Gross profit
70,148
57,921
Administrative expenses
31,367
22,715
--------
--------
Operating profit
38,781
35,206
--------
--------
Profit before taxation
5
38,781
35,206
Tax on profit
--------
--------
Profit for the financial year and total comprehensive income
38,781
35,206
--------
--------
Retained earnings at the start of the year
255,765
220,559
---------
---------
Retained earnings at the end of the year
294,546
255,765
---------
---------
All the activities of the company are from continuing operations.
Ulster Rifle Association
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
371,614
356,434
Current assets
Stocks
5,875
4,580
Debtors
7
2,388
1,725
Cash at bank and in hand
120,020
97,088
---------
---------
128,283
103,393
Creditors: amounts falling due within one year
8
4,687
3,398
---------
---------
Net current assets
123,596
99,995
---------
---------
Total assets less current liabilities
495,210
456,429
---------
---------
Net assets
495,210
456,429
---------
---------
Capital and reserves
Revaluation reserve
200,664
200,664
Profit and loss account
294,546
255,765
---------
---------
Members funds
495,210
456,429
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ulster Rifle Association
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr S McCrea
Company registration number: NI055734
Ulster Rifle Association
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is c/o 631 Lisburn Road, Belfast, BT9 7GT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
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.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be 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
-
5% reducing balance
Equipment
-
10% straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the . Finance costs and gains or losses relating to financial liabilities are included in the . Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Company limited by guarantee
The company is limited by guarantee and the liability of each member is limited to £1 in the event of a winding up.
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
11,860
11,322
--------
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
420,172
19,089
74,732
513,993
Additions
26,740
300
27,040
---------
--------
--------
---------
At 31 December 2023
446,912
19,089
75,032
541,033
---------
--------
--------
---------
Depreciation
At 1 January 2023
93,057
8,650
55,852
157,559
Charge for the year
8,939
522
2,399
11,860
---------
--------
--------
---------
At 31 December 2023
101,996
9,172
58,251
169,419
---------
--------
--------
---------
Carrying amount
At 31 December 2023
344,916
9,917
16,781
371,614
---------
--------
--------
---------
At 31 December 2022
327,115
10,439
18,880
356,434
---------
--------
--------
---------
7. Debtors
2023
2022
£
£
Other debtors
2,388
1,725
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,187
Other creditors
1,500
3,398
-------
-------
4,687
3,398
-------
-------
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standards. The company was under the control of Mr S McCrea , Mr S Dinkin, Mr T Donnan , Mr R Wilson and Mr D Cully who acted on behalf of the board throughout the current and previous year.
Ulster Rifle Association
Company Limited by Guarantee
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
Ulster Rifle Association
Company Limited by Guarantee
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ulster Rifle Association
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
AUBREY CAMPBELL & COMPANY Chartered accountants
631 Lisburn Road Belfast BT9 7GT
23 September 2024