Belfast Visitor and Convention Bureau Limited NI034953 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is The company's principal activity during the year continued to be that of promoting Belfast as a leisure and conference destination and providing tourist information and booking facilities. Digita Accounts Production Advanced 6.30.9574.0 true NI034953 2023-04-01 2024-03-31 NI034953 2024-03-31 NI034953 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI034953 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI034953 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 NI034953 core:OtherResidualIntangibleAssets 2024-03-31 NI034953 core:FurnitureFittings 2024-03-31 NI034953 core:OfficeEquipment 2024-03-31 NI034953 bus:SmallEntities 2023-04-01 2024-03-31 NI034953 bus:Audited 2023-04-01 2024-03-31 NI034953 bus:FullAccounts 2023-04-01 2024-03-31 NI034953 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI034953 bus:RegisteredOffice 2023-04-01 2024-03-31 NI034953 bus:Director13 2023-04-01 2024-03-31 NI034953 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 NI034953 core:ComputerSoftware 2023-04-01 2024-03-31 NI034953 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 NI034953 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 NI034953 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 NI034953 core:FurnitureFittings 2023-04-01 2024-03-31 NI034953 core:OfficeEquipment 2023-04-01 2024-03-31 NI034953 countries:NorthernIreland 2023-04-01 2024-03-31 NI034953 2023-03-31 NI034953 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 NI034953 core:OtherResidualIntangibleAssets 2023-03-31 NI034953 core:FurnitureFittings 2023-03-31 NI034953 core:OfficeEquipment 2023-03-31 NI034953 2022-04-01 2023-03-31 NI034953 2023-03-31 NI034953 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI034953 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI034953 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 NI034953 core:OtherResidualIntangibleAssets 2023-03-31 NI034953 core:FurnitureFittings 2023-03-31 NI034953 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: NI034953

Belfast Visitor and Convention Bureau Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Belfast Visitor and Convention Bureau Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 12

 

Belfast Visitor and Convention Bureau Limited

(Registration number: NI034953)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

3

100,131

131,455

Tangible assets

4

239,541

210,787

 

339,672

342,242

Current assets

 

Stocks

5

93,013

93,031

Debtors

6

639,502

667,910

Cash at bank and in hand

 

2,347,260

2,117,669

 

3,079,775

2,878,610

Creditors: Amounts falling due within one year

7

(2,172,627)

(1,980,740)

Net current assets

 

907,148

897,870

Total assets less current liabilities

 

1,246,820

1,240,112

Creditors: Amounts falling due after more than one year

7

(163,244)

(176,596)

Net assets

 

1,083,576

1,063,516

Capital and reserves

 

Profit and loss account

1,083,576

1,063,516

Shareholders' funds

 

1,083,576

1,063,516

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 and the option not to file the Statement of comprehensive income has been taken.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
Marie-Therese McGivern (chair)
Director

   
     
 

Belfast Visitor and Convention Bureau Limited

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

1

Accounting policies

General information

Belfast Visitor and Convention Bureau Limited is a private company limited by guarantee and incorporated in Northern Ireland.

The address of its registered office is:
8-9 Donegall Square North
Belfast
BT1 5GB
Northern Ireland

The company registration number is NI034953.

Basis of preparation

The financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (''FRS 102'') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the costs incurred or to be incurred in respect of the transaction will flow to the company and the costs incurred or to be incurred can be measured reliably. This is usually on the receipt of goods.

Income from ticket sales includes only net commission in relation to tickets sold.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Asset class

Amortisation method and rate

Software

Straight Line Basis - over 5 years

Website

Straight Line Basis - over 5 years

 

Belfast Visitor and Convention Bureau Limited

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

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:

Asset class

Depreciation method and rate

IT, Fixtures and Fittings

Straight Line Basis - over 5 years

Office Equipment

Straight Line Basis - over 5 years

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern

The company reported a profit of £20,060 (2023: loss of £384,128) before actuarial movements through other comprehensive income. The surplus includes £320,000 of actual pension contributions made by the company in the year. The balance sheet date had net assets of £1,083,576 (2023 as restated: £1,063,516).

The Directors have assessed the company's ability to continue as a going concern up to 12 months from the date of signing the financial statements and have implemented measures to ensure the company has sufficient cashflows and liquidity to continue to meet its obligations as they fall due.

As such the directors have a reasonable expectation that the company will continue to have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

Cost is calculated using the first in first out method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

Belfast Visitor and Convention Bureau Limited

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

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. 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). 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.

Tax

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

 

Belfast Visitor and Convention Bureau Limited

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

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.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined benefit pension obligation

The company operates a defined benefit plan for the benefit of its employees. A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained annually and are updated at each balance sheet date.

During the year the company has implemented a change in accounting policy as regards the recognition of defined benefit pension assets in the financial statements. This is in line with increasing industry practice of applying the principles of IFRIC 14 to FRS reporting.

IFRIC 14 requires allowance to be made for a minimum funding requirement, which has the effect of limiting the amount of economic benefit available to the excess of the value of prospective current service costs above the current funding requirement.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 69 (2023 - 62).

 

Belfast Visitor and Convention Bureau Limited

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

3

Intangible assets

Software
£

Website
 £

Total
£

Cost or valuation

At 1 April 2023

73,024

89,337

162,361

At 31 March 2024

73,024

89,337

162,361

Amortisation

At 1 April 2023

30,906

-

30,906

Amortisation charge

13,458

17,866

31,324

At 31 March 2024

44,364

17,866

62,230

Carrying amount

At 31 March 2024

28,660

71,471

100,131

At 31 March 2023

42,118

89,337

131,455

4

Tangible assets

IT, fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

835,226

97,294

932,520

Additions

110,367

-

110,367

Disposals

(249,902)

(61,088)

(310,990)

At 31 March 2024

695,691

36,206

731,897

Depreciation

At 1 April 2023

625,061

96,672

721,733

Charge for the year

81,339

274

81,613

Eliminated on disposal

(249,902)

(61,088)

(310,990)

At 31 March 2024

456,498

35,858

492,356

Carrying amount

At 31 March 2024

239,193

348

239,541

At 31 March 2023

210,165

622

210,787

 

Belfast Visitor and Convention Bureau Limited

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

5

Stocks

2024
£

2023
£

Other inventories

93,013

93,031

6

Debtors

2024
£

2023
£

Trade debtors

391,265

604,805

Prepayments

59,057

62,518

Other debtors

189,180

587

639,502

667,910

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

569,609

372,785

Taxation and social security

1,813

34,624

Accruals and deferred income

1,213,485

1,232,325

Other creditors

387,720

341,006

2,172,627

1,980,740

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

163,244

176,596

 

Belfast Visitor and Convention Bureau Limited

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

8

Operating lease commitments

Operating lease payments represent rentals payable by the company in relation to its premises. The lease was due to expire on 15 July 2023 but was extended by 5 years to July 2028.

At the reporting end date the company had outstanding commitments for the future minimum lease payments under non-cancellable operating leases, which fall due as follows:
 

2024

2023

£

£

Within one year

208,764

61,199

Between one and 5 years

687,182

-

895,946

61,199

9

Retirement benefit schemes

The company operates a defined benefit pension plan for qualifying employees providing benefits based upon final pensionable pay. The pension plan is funded by the payment of contributions and assets of the plan are held in a separately administered fund.

The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31 March 2022.

The principal actuarial assumptions used were as follows:

Defined benefit schemes

2024

2023

Expected rate of increase of pensions in payment

2.6%

2.6%

Expected rate of salary increases

4.1%

4.1%

Discount rate

4.7%

4.6%

Increase in CPI

2.6%

2.6%

 

Belfast Visitor and Convention Bureau Limited

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

2024

2023

Years

Years

Mortality assumptions

Assumed life expectations on retirement at age 65:

Retiring today:

- Males

21.70

22.20

- Females

24.60

25.00

Retiring in 20 years

- Males

22.70

23.20

- Females

25.60

26.00

2024

2023

£

£

Amounts recognised in the profit and loss account

Current service cost

312,000

631,000

Net interest on defined benefit (asset)/liability

(105,000)

-

Other costs and income

8,000

7,000

Total costs

215,000

638,000

2024

2023

£

Amounts taken to other comprehensive income

Actual return on scheme assets

796,000

668,000

Less calculated interest element

381,000

232,000

Return on scheme assets excluding interest

415,000

900,000

Actuarial changes relating to obligations

(2,657,000)

(3,514,000)

Total (income)/costs recognised in other comprehensive income

(2,242,000)

(2,614,000)

 

Belfast Visitor and Convention Bureau Limited

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

(As restated)

2024

2023

£

£

Amounts recognised in the balance sheet were as follows:

Present value of defined benefit obligations

6,421,000

5,963,000

Fair value of plan assets

(9,275,000)

(8,100,000)

Unrecognised asset restricted per IFRIC14

2,854,000

2,137,000

(Asset)/Deficit in scheme

-

-

2024

£

Movements in the present value of defined benefit obligations

Liabilities at 1 April 2023

5,963,000

Current service cost

320,000

Benefits paid

(49,000)

Contributions from scheme members

108,000

Actuarial gains and losses

(197,000)

Interest cost

276,000

At 31 March 2024

6,421,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2024

£

Movements in the fair value of plan assets

Fair value of assets at 1 April 2023

8,100,000

Interest income

381,000

Return on plan assets

415,000

Benefits paid

(49,000)

Contributions by the employer

320,000

Contributions by scheme members

108,000

At 31 March 2024

9,275,000

 

Belfast Visitor and Convention Bureau Limited

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

The actual return/ (loss) on plan assets was £796,000 (2023: £668,000).

2024

2023

£

£

The amount that each major class of pension plan asset of the fair value of the total plan was as follows:

Equity instruments

3,681,000

3,346,000

Multi asset credit

1,206,000

1,061,000

Property

863,000

850,000

Bonds

1,818,000

1,879,000

Cash/other

1,707,000

964,000

9,275,000

8,100,000

10

Contingent liability

Grant income

There exists a contingent liability to repay all or part of the grants received from Belfast City Council and Tourism NI (formerly Northern Ireland Tourist Board) under these agreements if a default occurs under the terms and conditions of their letters of offer.
 

11

Related party transactions

Belfast City Council is considered to be a related party as the following Councillors were also Directors of the company during the year:

• Séanna Walsh
• Clíodhna NicBhranair
• Eric Hanvey
• Sammy Douglas

The transactions with Belfast City Council included within the financial statements are as follows:

• Total income of £2,035,710 (2023: £1,997,465)
• Total expenditure of £255,025 (2023: £277,522)
• Amount due from Belfast City Council at the balance date of £68,900 (2023: £216,545)
• Amounts due to Belfast City Council at the balance sheet date of £11,988 (2023: £2,926)

Many of the entities paying partnership fees to the company have common directors. These are conducted at normal market conditions for set prices. As these are part of the normal course of trade these have not been individually disclosed.

 

Belfast Visitor and Convention Bureau Limited

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

12

Prior Year Adjustment

During the year the company has implemented a change in accounting policy as regards the recognition of defined benefit pension assets in the financial statements. This is in line with increasing industry practice of applying the principles of IFRIC 14 to FRS reporting.

IFRIC 14 requires allowance to be made for a minimum funding requirement, which has the effect of limiting the amount of economic benefit available to the excess of the value of prospective current service costs above the current funding requirement.

The effect of this change has been to restrict the amount of the company's pension surplus to nil as at 31 March 2024. Given there has been a change in accounting policy, a prior year adjustment has been made to amend the comparative figures in the 2024 financial statements as follows:
 

As reported

Adjustment

Restated

2023

2023

Pension Surplus

2,137,000

(2,137,000)

-

Other reserves

2,137,000

(2,137,000)

-

As reported

Adjustment

Restated

2023

2023

(Deficit)/ surplus before tax

(384,128)

(384,128)

Actuarial gain on defined benefit pension schemes

2,614,000

(2,614,000)

-

Total comprehensive income/ (loss) for the year

2,229,872

(2,614,000)

(384,128)

13

Auditor's information

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 September 2024 was Ross Boyd, who signed for and on behalf of RBCA Limited.