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REGISTERED NUMBER: NI036860 (Northern Ireland)













LEITRIM HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


LEITRIM HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P M Loughlin
J Keenan



SECRETARY: J Keenan



REGISTERED OFFICE: 65 Deerpark Road
Leitrim
Castledawson
Co. Londonderry
BT45 8BS



REGISTERED NUMBER: NI036860 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
North Business Centre
1 - 2 Broadway
Ballymena
Co. Antrim
BT43 7AA

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The directors consider the results during the year to be satisfactory given the challenges in the wider economy.

The growth in revenue had been primarily achieved through the facilities management activities of the Group, as that business focused on delivering on a number of public sector frameworks. The performance of the Group's investment and property interests has been satisfactory.

Throughout the year the Group has been successful in a number of targeted procurements adding new clients and work streams along with diversification and expansion to our existing portfolio. Whilst market conditions in NI and Ireland continue to be highly competitive across the business sectors we operate in. the on-going investment in our people, systems, business development and infrastructure will ensure continued success for the Group.

PRINCIPAL RISKS AND UNCERTAINTIES
This was a challenging year for the Group due to rising inflation, skilled labour shortages and rising costs.

With an ever ageing workforce the construction industry is feeling the effects of a previous lack of investment in attracting a younger generation towards apprenticeships in the industry.
The uncertainty of public budgets is a significant challenge to our business as we strive to provide the highest levels of service to our customers
The directors continue to operate a prudent approach to business operations, along with continued strategic investment in people, systems, digital and innovation, will support the business consolidating existing markets and seek opportunities for diversification and improving service offerings to existing and new clients in the short to medium term.

FINANCIAL RISK MANAGEMENT
The Group uses various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance tor the Group's operations.

The existence of these financial instruments exposes the group to a number of financial risks. The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

Credit risk
The Group's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures.

Liquidity risk
The Group finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk.

KEY PERFORMANCE INDICATORS (KPIS)
The Group's directors are of the opinion that detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

FUTURE OUTLOOK
While the directors remain conscious of the current economic conditions and how ongoing pressures on public finance can have an adverse impact on the Group's future performance, they remain confident that their continued policy of prudent financial management will enable the Group to consolidate its position within its existing market; while at the same time developing opportunities when new tenders or contracts arise.


LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

GOING CONCERN
The Group has considerable financial resources and are in a strong net asset position. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

ON BEHALF OF THE BOARD:





J Keenan - Director


18 December 2024

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the Group is the delivery of facilities management services and property investment, management and development activities.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £151,962 (2023 - £100,000).

FUTURE DEVELOPMENTS
The directors do not forsee any future developments in the forthcoming year outside of normal trading.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the Group since the year end.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P M Loughlin
J Keenan

POLITICAL DONATIONS AND EXPENDITURE
The Group made charitable donations amounting to £22,475 during the year (2023 - £21,508). No donations for political purposes were made during the year.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Keenan - Director


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEITRIM HOLDINGS LIMITED

Opinion
We have audited the financial statements of Leitrim Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEITRIM HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEITRIM HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the group's remuneration policies, and performance targets;
- results of our enquiries of management and other key persons about the group's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the group's policies, procedures and internal controls; and
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements;
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEITRIM HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




MICHAEL BARNETT (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

18 December 2024

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 51,569,389 42,825,677

Cost of sales 45,996,043 36,847,590
GROSS PROFIT 5,573,346 5,978,087

Administrative expenses 2,663,115 1,750,798
2,910,231 4,227,289

Other operating income 99,958 157,650
OPERATING PROFIT 5 3,010,189 4,384,939

Income from fixed asset investments 4,394 3,131
Interest receivable and similar income 183,838 21,343
188,232 24,474
PROFIT BEFORE TAXATION 3,198,421 4,409,413

Tax on profit 6 740,825 768,711
PROFIT FOR THE FINANCIAL YEAR 2,457,596 3,640,702

OTHER COMPREHENSIVE INCOME
Gain on revaluations 292,278 -
Income tax relating to other comprehensive
income

(49,653

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

242,625

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,700,221

3,640,702

Profit attributable to:
Owners of the parent 2,457,596 3,640,702

Total comprehensive income attributable to:
Owners of the parent 2,700,221 3,640,702

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 3,963,857 1,815,369
Investments 11 1,087,111 1,415,588
Investment property 12 725,000 680,000
5,775,968 3,910,957

CURRENT ASSETS
Stocks 13 519,345 506,943
Debtors 14 2,008,437 1,499,987
Prepayments and accrued income 8,257,560 6,355,650
Cash at bank 6,916,937 4,647,499
17,702,279 13,010,079
CREDITORS
Amounts falling due within one year 15 9,808,224 6,070,720
NET CURRENT ASSETS 7,894,055 6,939,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,670,023

10,850,316

PROVISIONS FOR LIABILITIES 19 547,298 275,850
NET ASSETS 13,122,725 10,574,466

CAPITAL AND RESERVES
Called up share capital 20 5,332 5,332
Revaluation reserve 21 242,625 -
Capital redemption reserve 21 14,668 14,668
Retained earnings 21 12,860,100 10,554,466
SHAREHOLDERS' FUNDS 13,122,725 10,574,466

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





J Keenan - Director


LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 854,599 685,838
Investments 11 1,106,911 1,435,288
Investment property 12 725,000 680,000
2,686,510 2,801,126

CURRENT ASSETS
Debtors 14 1,098,920 127,813
Cash at bank 6,816,620 4,003,832
7,915,540 4,131,645
CREDITORS
Amounts falling due within one year 15 77,329 113,519
NET CURRENT ASSETS 7,838,211 4,018,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,524,721

6,819,252

PROVISIONS FOR LIABILITIES 19 35,418 1,533
NET ASSETS 10,489,303 6,817,719

CAPITAL AND RESERVES
Called up share capital 20 5,332 5,332
Revaluation reserve 21 196,466 -
Capital redemption reserve 21 14,668 14,668
Retained earnings 21 10,272,837 6,797,719
SHAREHOLDERS' FUNDS 10,489,303 6,817,719

Company's profit for the financial year 3,627,080 2,545,679

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





J Keenan - Director


LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 5,332 7,013,764 - 14,668 7,033,764

Changes in equity
Dividends - (100,000 ) - - (100,000 )
Total comprehensive income - 3,640,702 - - 3,640,702
Balance at 31 March 2023 5,332 10,554,466 - 14,668 10,574,466

Changes in equity
Dividends - (151,962 ) - - (151,962 )
Total comprehensive income - 2,457,596 242,625 - 2,700,221
Balance at 31 March 2024 5,332 12,860,100 242,625 14,668 13,122,725

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 5,332 4,352,040 - 14,668 4,372,040

Changes in equity
Total comprehensive income - 2,545,679 - - 2,545,679
Dividends - (100,000 ) - - (100,000 )
Balance at 31 March 2023 5,332 6,797,719 - 14,668 6,817,719

Changes in equity
Total comprehensive income - 3,627,080 196,466 - 3,823,546
Dividends - (151,962 ) - - (151,962 )
Balance at 31 March 2024 5,332 10,272,837 196,466 14,668 10,489,303

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,645,486 2,397,141
Tax paid (768,531 ) (195,527 )
Net cash from operating activities 3,876,955 2,201,614

Cash flows from investing activities
Purchase of intangible fixed assets (40,000 ) -
Purchase of tangible fixed assets (2,364,815 ) (497,215 )
Purchase of fixed asset investments - (1,000,000 )
Sale of tangible fixed assets 46,218 49,373
Sale of fixed asset investments 434,438 350,836
Interest received 77,878 22,020
Dividends received 4,394 -
Net cash from investing activities (1,841,887 ) (1,074,986 )

Cash flows from financing activities
Equity dividends paid (151,962 ) (100,000 )
Net cash from financing activities (151,962 ) (100,000 )

Increase in cash and cash equivalents 1,883,106 1,026,628
Cash and cash equivalents at beginning of
year

2

4,647,499

3,620,871

Cash and cash equivalents at end of year 2 6,530,605 4,647,499

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 3,198,421 4,409,413
Depreciation charges 440,806 300,465
Profit on disposal of fixed assets (23,420 ) (21,516 )
Impairment of intellectual property 40,000 -
Finance income (188,232 ) (24,474 )
3,467,575 4,663,888
(Increase)/decrease in stocks (12,402 ) 55,724
Increase in trade and other debtors (2,410,360 ) (1,946,027 )
Increase/(decrease) in trade and other creditors 3,600,673 (376,444 )
Cash generated from operations 4,645,486 2,397,141

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 6,916,937 4,647,499
Bank overdrafts (386,332 ) -
6,530,605 4,647,499
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,647,499 3,620,871


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 4,647,499 2,269,438 6,916,937
Bank overdrafts - (386,332 ) (386,332 )
4,647,499 1,883,106 6,530,605
Total 4,647,499 1,883,106 6,530,605

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Leitrim Holdings Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The functional currency of the Group and the presentation of the financial statements is sterling.

Critical accounting judgements and key sources of estimation uncertainty
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements.

Performance of long term contracts

Recognised amounts of contract revenues and related receivables reflect the directors' best estimates of contracts outcome and stage of completion. This includes the assessment of the profitability of the contracts. The organisation draws on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy and governance over this class of asset, in order to limit concern over the recoverability of these balances. Costs to complete and contract profitability are subject to significant estimation uncertainty.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated lives of each type of asset, in certain circumstances, estimated of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on individual changes in assets and the classes of asset impacted.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling within the Group's ordinary activities. Services are deemed to have been delivered to customers when and to the extent that the Group has met its obligations under its service contracts.

Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of work done. A prudent estimate of the profit attributable to work completed is recognised once the outcome of the contract can be reliably measured and it is probable the customer will approve it. The amount by which turnover exceeds payments on account is shown under prepayments and accrued income as amounts recoverable on contracts. Where payments on account exceed turnover, the excess is classified as payments on account and is separately disclosed within accruals. Provisions are made in respect of future losses on contracts when identified.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Consolidated Statement of Comprehensive Income, following an assessment at the Consolidated Balance Sheet date indicating the recoverable amount was less than its carrying value.

Intellectual property are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land & buildings - 2% straight line and at variable rates on reducing balance
Plant & machinery - 25% on reducing balance and 20% straight line
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Government grants
Capital based government grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred. Grants relating to revenue expenditure are credited to the profit and loss account on an earned and due for payment basis. Amounts recognised in the profit and loss are presented under the heading 'other operating income'.

Investments
Publicly traded investments are stated at their fair value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred acquiring the stocks, production or conversion costs and other costs in bringing them to their exisiting location and condition. In the case of work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Contract debtors
Contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less progress billings. Variations are included in contract revenue when they are reliably measurable, and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable, and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the Group's contract activities based on normal operating capacity. Contract debtors are presented as part of prepayments in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals in the balance sheet.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Other financial instruments
Other financial instruments not meeting the definition of Basic Financial Instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss except as follows:-

- investments in equity instruments that are not publicly traded and whose fair value cannot otherwise
be measured reliably shall be measured at cost less impairment.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has 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.

3. TURNOVER

Turnover has been derived from the Group's principal activity, carried out within Northern Ireland.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 8,339,883 7,074,982
Social security costs 735,400 591,093
Other pension costs 174,339 132,976
9,249,622 7,799,051

The average number of employees during the year was as follows:
2024 2023

Management 22 24
Administration 59 33
Operations 198 171
279 228

The average number of employees by undertakings that were proportionately consolidated during the year was 279 (2023 - 228 ) .

2024 2023
£ £
Directors' remuneration 124,508 159,833
Directors' social security 19,936 20,636
Directors' pension 38,935 42,644
183,379 223,113


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 15,073 8,070
Depreciation - owned assets 440,807 300,465
Profit on disposal of fixed assets (23,420 ) (21,516 )
Auditors' remuneration 15,702 18,404
Government grants (44,090 ) (107,889 )

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 519,030 709,007

Deferred tax 221,795 59,704
Tax on profit 740,825 768,711

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,198,421 4,409,413
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

799,605

837,788

Effects of:
Expenses not deductible for tax purposes 14,666 2,365
Income not taxable for tax purposes (20,456 ) (594 )
Adjustments to tax charge in respect of previous periods (32,231 ) -
Impact of change in tax rates - 14,999
Research and development (42,828 ) (73,067 )
Enhanced capital allowances - (17,027 )
Chargeable gains 22,069 4,247
Total tax charge 740,825 768,711

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Gain on revaluations 292,278 (49,653 ) 242,625

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. DIVIDENDS
2024 2023
£    £   
Interim 151,962 100,000

9. INTANGIBLE FIXED ASSETS

Group
Intellectual
property
£   
COST
Additions 40,000
Impairments (40,000 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -

10. TANGIBLE FIXED ASSETS

Group
Land & Plant & Motor
buildings machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 757,931 700,123 2,070,384 3,528,438
Additions 1,038,455 443,250 883,110 2,364,815
Disposals - (17,673 ) (156,258 ) (173,931 )
Revaluations 153,614 - - 153,614
At 31 March 2024 1,950,000 1,125,700 2,797,236 5,872,936
DEPRECIATION
At 1 April 2023 78,226 504,116 1,130,727 1,713,069
Charge for year 15,438 66,547 358,822 440,807
Eliminated on disposal - (16,541 ) (134,592 ) (151,133 )
Revaluation adjustments (93,664 ) - - (93,664 )
At 31 March 2024 - 554,122 1,354,957 1,909,079
NET BOOK VALUE
At 31 March 2024 1,950,000 571,578 1,442,279 3,963,857
At 31 March 2023 679,705 196,007 939,657 1,815,369

Land and buildings originally cost £1,796,386.

During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £153,614 has been recognised.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Land & Plant &
buildings machinery Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 757,931 12,000 769,931
Revaluations 92,069 - 92,069
At 31 March 2024 850,000 12,000 862,000
DEPRECIATION
At 1 April 2023 78,226 5,867 84,093
Charge for year 15,438 1,534 16,972
Revaluation adjustments (93,664 ) - (93,664 )
At 31 March 2024 - 7,401 7,401
NET BOOK VALUE
At 31 March 2024 850,000 4,599 854,599
At 31 March 2023 679,705 6,133 685,838

Land and buildings originally cost £757,931.

During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £92,069 has been recognised in the year.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS

2024 2023
Group £ £

Other investments 300 300
Financial assets designated at fair value through profit or loss 1,086,811 1,415,288
1,087,111 1,415,588

The group's investments are stated at fair value. During the year a gain of £74,827 (2023 Loss - £2,629) was recognised.

2024 2023
Company £ £

Shares in group undertakings 20,100 20,000
Financial assets designated at fair value through profit or loss 1,086,811 1,415,288
1,106,911 1,435,288

The company's investments are stated at fair value. During the year a gain of £74,827 (2023 - £14,597) was recognised.

The company's investments at the Balance Sheet date in the share capital of companies include the following:-

Combined Facilities Management Ltd
Registered office: 65 Deerpark Road, Castledawson, Co. Derry, BT45 8BS
Nature of business: Delivery of building, mechanical and electrical maintenance
%
Class of shares: holding
Ordinary 100.00


Leitrim No 1 Ltd
Registered office: Unit 8 Opus Business Park, Magherafelt, BT45 6BB
Nature of business:
%
Class of shares: holding
Ordinary 100.00


LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023 680,000
Revaluations 45,000
At 31 March 2024 725,000
NET BOOK VALUE
At 31 March 2024 725,000
At 31 March 2023 680,000

Investment property originally cost £657,280 and was previously revalued in 2021.

During the year, investment property was subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £45,000 has been recognised.

Company
Total
£   
FAIR VALUE
At 1 April 2023 680,000
Revaluations 45,000
At 31 March 2024 725,000
NET BOOK VALUE
At 31 March 2024 725,000
At 31 March 2023 680,000

Investment property originally cost £657,280 and was previously revalued in 2021.

During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £45,000 has been recognised in the year.

13. STOCKS

Group
2024 2023
£    £   
Materials and consumables 519,345 506,943

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,977,205 1,152,673 - -
Amounts owed by group undertakings - - 1,098,920 127,813
Other debtors 31,232 347,314 - -
2,008,437 1,499,987 1,098,920 127,813

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 386,332 - - -
Trade creditors 5,574,946 2,481,022 - -
Amounts owed to group undertakings - - 3,600 -
Corporation tax 142,191 391,692 35,451 71,757
Social security and other taxes 1,911,143 1,378,615 32,565 33,068
Other creditors 74,818 57,046 2,563 5,694
Accruals 1,718,794 1,762,345 3,150 3,000
9,808,224 6,070,720 77,329 113,519

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 386,332 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
2024 2023
£ £
Within one year 36,004 36,004
Between one and five years 144,016 144,016
180,020 180,020

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdraft 386,332 -

Bank overdraft is secured by way of a floating charge over the group's assets.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 547,298 275,850 35,418 1,533

Group
Deferred
tax
£   
Balance at 1 April 2023 275,850
Movement during year 271,448
Balance at 31 March 2024 547,298

Company
Deferred
tax
£   
Balance at 1 April 2023 1,533
Movement during year 33,885
Balance at 31 March 2024 35,418

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,332 Ordinary £1 5,332 5,332

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 10,554,466 - 14,668 10,569,134
Profit for the year 2,457,596 2,457,596
Dividends (151,962 ) (151,962 )
Revaluation reserve - 242,625 - 242,625
At 31 March 2024 12,860,100 242,625 14,668 13,117,393

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 6,797,719 - 14,668 6,812,387
Profit for the year 3,627,080 3,627,080
Dividends (151,962 ) (151,962 )
Revaluation reserve - 196,466 - 196,466
At 31 March 2024 10,272,837 196,466 14,668 10,483,971


22. CONTINGENT LIABILITIES

The directors confirm that the group has no contingent liabilities at the year end (2023 - £Nil).

23. CAPITAL COMMITMENTS

At 31 March 2024 the group had no capital commitments (2023 - £Nil).

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, £Nil was owed to the directors (2023 - £Nil).

25. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures' not to disclose transactions with its group undertakings.

26. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Keenan by virtue of his shareholding in Leitrim Holdings Ltd.