Registration number:
Dunloy Development Partnership
for the Year Ended 31 December 2023
Dunloy Development Partnership
(Registration number: NI605953)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Retained earnings |
(317,819) |
(286,838) |
|
Shareholders' deficit |
(317,819) |
(286,838) |
For the financial 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Dunloy Development Partnership
(Registration number: NI605953)
Balance Sheet as at 31 December 2023
Approved and authorised by the
......................................... |
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.
Dunloy Development Partnership
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is limited by guarantee and is incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 applicable in the UK and Republic of Ireland, FRS102 (Charities SORP FRS102), the Charities Act 2011 and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and the accruals basis.
Going concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the Diocese of Down and Connor who have undertaken not to call in the loan but will work with Dunloy Development Partnership on timing of payments subject to cashflows.
If the going concern basis were not appropriate adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Rental income
Rental income represents total rental income accrued for the accounting period.
Government grants
Government grants received are credited to deferred income. Grant towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Dunloy Development Partnership
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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 |
Leasehold improvements |
2.5% straight line |
Public benefit entity
Dunloy Development Partnership meets the definition of a public benefit entity under the Charities SORP FRS102.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Dunloy Development Partnership
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Taxation |
The Inland Revenue having accepted that the Dunloy Development Partnership is a charity for tax purposes, all income and gains are exempt from tax, provided they are only applied for charitable purpose. Charitable status was granted on 22nd August 2012 and was effected from 28th January 2011 under HMRC reference XT35533.
Tangible assets |
Leasehold property improvements |
Other property, plant and equipment |
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Cost or valuation |
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At 1 January 2023 |
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- |
Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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- |
Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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- |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Dunloy Development Partnership
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Deferred capital grant |
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Due after one year |
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Deferred income |
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Other creditors |
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716,054 |
729,163 |
Other creditors include the balance owed to the Diocese of Down and Connor of £608,661 (2022: £608,561). The amount increased during the year by £100 for rent owed.
Commitments |
Lease commitments
Dunloy Development Partnership entered into a 25 year lease commencing on 1st June 2012 and ending on 30th May 2037 for a nominal rent of £100 per annum. The landlord is the Diocese of Down and Connor Trust, registered address Lisbreen, 73 Somerton Road, Belfast. Dunloy Development Partnership are responsible for the insurance of the building, its contents, public liability indemnity and employers liability.
Related party transactions |
The Diocese of Down and Connor is regarded as a related party. The balance owed to the Diocese and movement in the balance is disclosed at note 7.
Company limited by guarantee |
The Company is limited by guarantee and therefore has no shares.