REGISTERED NUMBER: |
CIDO (Management) Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
CIDO (Management) Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
CIDO (Management) Limited (Registered number: NI020441) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 | to | 5 |
CIDO (Management) Limited |
Company Information |
for the Year Ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
Solicitors: |
12-14 Mandeville Street |
Portadown |
Co Armagh |
BT62 3NZ |
CIDO (Management) Limited (Registered number: NI020441) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Receivables | 4 |
Cash at bank |
Payables |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CIDO (Management) Limited (Registered number: NI020441) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
CIDO (Management) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. There have been no critical accounting judgements or estimates in applying the company's accounting policies. |
Taxation |
Taxation for the year comprises current and deferred tax. The company applies paragraphs 29.14A and 29.22A of FRS 102 and, where it is probable that the taxable profits will not be subject to corporation tax as they will be paid over to the parent charity within nine months of the year end, the tax effects of the gift aid payment are recognised in the Statement of Income and Retained Earnings in the reporting period in which the profits arise. |
Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
In line with FRS 102 paragraph 29.14A a deferred tax liability shall not be recognised in relation to a gift aid payment where it is probable that the payment will be made to a member of the charitable group within nine months of the reporting date. |
CIDO (Management) Limited (Registered number: NI020441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Revenue |
Revenue comprises the invoiced valued of goods and services supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised monthly over the period of occupancy by tenants. |
Receivables |
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Payables |
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Gift aid payment to parent charity |
The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme however at the reporting date there was no legal obligation in place for the company to make this gift aid payment. The Board have indicated its intention to pay the taxable profits to the parent charity in respect of the reporting period and this payment will be made within 9 months of the reporting date. |
These gift aid payments are recognised as distributions to owners in equity within retained earnings. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Receivables less than one year |
2024 | 2023 |
£ | £ |
Trade receivables |
5. | Payables less than one year |
2024 | 2023 |
£ | £ |
Payments received on account |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 2 | 2 | 2 |
7. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
CIDO (Management) Limited (Registered number: NI020441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | Contingent liabilities |
The company is party to a cross guarantee arrangement with its parent company and a fellow subsidiary in respect of bank borrowings of the three companies. In the opinion of the directors no loss is expected to arise as a result of this guarantee. |
9. | Capital commitments |
The company had no material capital commitments at the year ended 31 March 2024 (2023: £nil). |
10. | Related party transactions |
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies. |
11. | Parent and ultimate parent company |
The directors regard Craigavon Industrial Development Organisation, a company registered in Northern Ireland, as the ultimate parent company and the controlling party. The address of Craigavon Industrial Development Organisation is i2 CIDO Innovation Centre, 73 Charlestown Road, Portadown, BT63 5PP. The parent of the largest group in which the results are consolidated is Craigavon Industrial Development Organisation. |