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Company registration number: NI041855
Lough Neagh Partnership Limited
Trading as Lough Neagh Partnership Limited
Company limited by guarantee
Unaudited filleted financial statements
31 March 2024
Lough Neagh Partnership Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Lough Neagh Partnership Limited
Company limited by guarantee
Directors and other information
Directors Mrs Mary Veronica Devlin
The Honourable Shane Sebastian Clanaboy O'Neill
Mr Conor Jordan
Ms Una Johnston
Ald Arnold Hatch
Mr Conor Corr
Cllr Henry Cushinan
Cllr Derek McKinney
Mrs Elizabeth Meharg
Mr Drew Newlson
Secretary Mary Veronica Devlin
Company number NI041855
Registered office 135a Shore Road
Ballyronan
Magherafelt
Business address Unit 3 The Marina Centre
135a Shore Road
Ballyronan
Magherafelt
BT45 6JA
Accountants JSR
44 Blackisland Road
Annaghmore
Portadown
Armagh
BT62 1NE
Bankers Bank of Ireland
Market Street
Magherafelt
BT45 6EE
Lough Neagh Partnership Limited
Company limited by guarantee
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 6,310 7,887
Tangible assets 7 84,094 96,350
_______ _______
90,404 104,237
Current assets
Debtors 8 85,107 94,227
Cash at bank and in hand 173,082 245,618
_______ _______
258,189 339,845
Creditors: amounts falling due
within one year 9 ( 110,333) ( 191,829)
_______ _______
Net current assets 147,856 148,016
_______ _______
Total assets less current liabilities 238,260 252,253
Creditors: amounts falling due
after more than one year 10 ( 85,931) ( 81,825)
_______ _______
Net assets 152,329 170,428
_______ _______
Capital and reserves
Profit and loss account 152,329 170,428
_______ _______
Members funds 152,329 170,428
_______ _______
For the year ending 31 March 2024 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mrs Mary Veronica Devlin Mr Conor Jordan
Director Director
Company registration number: NI041855
Lough Neagh Partnership Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Unit 3 The Marina Centre, 135a Shore Road, Ballyronan, Magherafelt.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
Lough Neagh Partnership Limited is a company limited by guarnatee and accordingly does not have any share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £5.00 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 8 ).
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 and 31 March 2024 57,379 57,379
_______ _______
Amortisation
At 1 April 2023 49,492 49,492
Charge for the year 1,577 1,577
_______ _______
At 31 March 2024 51,069 51,069
_______ _______
Carrying amount
At 31 March 2024 6,310 6,310
_______ _______
At 31 March 2023 7,887 7,887
_______ _______
7. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2023 140 7,781 190,488 198,409
Additions - - 8,768 8,768
_______ _______ _______ _______
At 31 March 2024 140 7,781 199,256 207,177
_______ _______ _______ _______
Depreciation
At 1 April 2023 140 7,781 94,138 102,059
Charge for the year - - 21,024 21,024
_______ _______ _______ _______
At 31 March 2024 140 7,781 115,162 123,083
_______ _______ _______ _______
Carrying amount
At 31 March 2024 - - 84,094 84,094
_______ _______ _______ _______
At 31 March 2023 - - 96,350 96,350
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 85,107 94,227
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 33,417 89,187
Social security and other taxes 7,909 6,443
Other creditors 69,007 96,199
_______ _______
110,333 191,829
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 85,931 81,825
_______ _______
11. Controlling party
The board of directors is the ultimate contorlling party.