Registered number
NI035827
Killeter & District Development Trust
Filleted Accounts
31 March 2024
Killeter & District Development Trust
Registered number: NI035827
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 351,127 354,946
Current assets
Debtors 4 13,671 6,635
Cash at bank and in hand 54,860 55,574
68,531 62,209
Creditors: amounts falling due within one year 5 (6,023) (1,649)
Net current assets 62,508 60,560
Net assets 413,635 415,506
Capital and reserves
Revaluation reserve 6 409,339 409,339
Profit and loss account 4,296 6,167
Shareholder's funds 413,635 415,506
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Eamon Dolan
Director
Approved by the board on 24 October 2024
Killeter & District Development Trust
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Land & buildings over 50 years
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and 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). Loans and 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.
Taxation
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 575,107 43,752 618,859
Additions 9,952 - 9,952
At 31 March 2024 585,059 43,752 628,811
Depreciation
At 1 April 2023 231,090 32,823 263,913
Charge for the year 11,585 2,186 13,771
At 31 March 2024 242,675 35,009 277,684
Net book value
At 31 March 2024 342,384 8,743 351,127
At 31 March 2023 344,017 10,929 354,946
4 Debtors 2024 2023
£ £
Trade debtors 13,265 6,229
Other debtors 406 406
13,671 6,635
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,842 316
Other creditors 4,181 1,333
6,023 1,649
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 409,339 409,339
At 31 March 2024 409,339 409,339
7 Related party transactions
There were no transactions with related parties during the year.
8 Controlling party
The company is controlled by its members.
9 Other information
Killeter & District Development Trust is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
15 Main Street
Killeter
Castlederg
Co Tyrone
BT80 7EL
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